Technical Analysis
5 December 2023
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07:22
The USD/CAD continued its growth yesterday
Yesterday, the USD/CAD traded higher and closed the day in the positive territory around the price of 1.3535. Today the pair grew slightly, rising to 1.3565. On the hourly chart, USD/CAD is still trading below the moving average line MA (200) H1 (1.3600). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 1.3590, 1.3625, 1.3660
- Support levels are at: 1.3520, 1.3480, 1.3415
Probably, the main scenario is a resumption of decline to 1.3520 (the low of the American session on Dec 4).
The alternative scenario is consolidation above the MA 200 H1 line, followed by a rise to 1.3710 (Nov 24 high).
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07:00
The AUD/USD continued yesterday's decline
Yesterday, the AUD/USD traded lower and closed the day in the red zone around the price of 0.6615. Today the pair also fell slightly, dropping to 0.6570. On the hourly chart, AUD/USD is testing the strength of support - the moving average line MA (200) H1 (0.6605). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 0.6620, 0.6655, 0.6690
- Support levels are at: 0.6565-70, 0.6550, 0.6520
Probably, the main scenario is the resumption of the upward movement to 0.6620 (session high).
The alternative scenario is consolidation below MA 200 H1 followed by a decline to 0.5870 (Mar 26 low).
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06:42
Gold tests support for MA 200 H1
Yesterday, the XAU/USD traded lower and closed the day in the red zone around the 2028 price. Today, gold traded in a narrow range of 2028-2041, remaining close to yesterday's closing price. On the hourly chart, XAU/USD is testing the strength of support - the moving average line MA (200) H1 (2025). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading and while gold remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 2075, 2090, 2135
- Support levels are at: 2005-10, 1986-91, 1956-65
Probably, the main scenario is the resumption of the upward movement towards 2075 (the high of the American session on Dec 4).
The alternative scenario involves consolidation below MA 200 H1 followed by a decline to 1965 (Nov 20 low).
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06:22
Oil is trading near a 2-week low
Yesterday, Brent crude oil traded lower and closed the day in the red zone around the price of 78.50. Today, oil traded in a narrow range of 78.20-65, remaining near a 2-week low. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (81.20). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while Brent remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 79.80, 81.85-20, 84.55-90
- Support levels are at: 77.85, 77.10, 76.00
Probably, the main scenario is a subsequent decline to 77.85 (Dec 4 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 84.90 (Nov 30 high).
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06:03
The USD/JPY remains below MA 200 H1
Yesterday, the USD/JPY traded higher and closed the day in the positive territory around the price of 147.20. Today the pair was trading in a narrow range of 146.95-147.35, remaining close to yesterday's closing price. On the hourly chart, USD/JPY is still trading below the moving average line MA (200) H1 (148.20). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 147.85, 148.35-50, 148.85
- Support levels are at: 146.45, 146.25, 145.90
Probably, the main scenario is a continuation of the downward movement to 146.45 (the low of the American session on Dec 4).
The alternative scenario involves consolidation above MA 200 H1, followed by growth to 149.65 (Nov 27 high).
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05:35
The USD/CHF remains below MA 200 H1
Yesterday, the USD/CHF traded higher and closed the day in the positive territory around the price of 0.8730. Today the pair was trading in a narrow range of 0.8715-30, remaining close to yesterday's closing price. On the hourly chart, USD/CHF is still trading below the moving average line MA (200) H1 (0.8780). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 0.8765-75, 0.8820-25, 0.8845
- Support levels are at: 0.8660-65, 0.8615, 0.8615
Probably, the main scenario is a continued decline to 0.8665 (Dec 4 low).
The alternative scenario is a final consolidation above the MA 200 H1 level, followed by growth to 0.8875 (Nov 22 high).
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05:19
The GBP/USD tests support for MA 200 H1
Yesterday, the GBP/USD traded lower and closed the day in the red zone around the price of 1.2630. Today the pair was trading in a narrow range of 1.2625-40, remaining close to yesterday's closing price. On the hourly chart, GBP/USD is testing the strength of the support - the moving average line MA (200) H1 (1.2625). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1.2685, 1.2720-30, 1.2765
- Support levels are at: 1.2605, 1.2560, 1.2525
Probably, the main scenario is continued growth to 1.2685 (the high of the American session on Dec 4).
The alternative scenario is final consolidation below the MA 200 H1 level with a subsequent decline to 1.2505 (the low of the European session on Nov 23).
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05:03
The EUR/USD still testing support for MA 200 H1
Yesterday, the EUR/USD traded lower and closed the day in the red zone around the price of 1.0835. Today, on the contrary, the pair has grown slightly, rising to the level of 1.0845. On the hourly chart, EUR/USD is still testing the strength of the support - the moving average line MA (200) H1 (1.0920). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1.0880, 1.0910, 1.0950
- Support levels are at: 1.0805, 1.0700, 1.0655-65
Probably, the main scenario is a resumption of growth to 1.0880 (the high of the American session on Dec 4).
The alternative scenario is consolidation below MA 200 H1, followed by a decline to 1.0805 (Dec 4 low).
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read 
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