News & Research

17 December 2024

powered by Land Prime

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• EURUSD

Update: EUR/USD remains under pressure as the pair struggles below the 1.0631 resistance level. A rejection at this point indicates seller dominance, with support emerging at 1.0435. Should this support fail, the pair may test 1.0323, marking a significant decline. The RSI (14) is at 42, signaling that the pair is approaching oversold conditions but not yet at extremes. A bounce may occur, but sustained movement above 1.0631 is needed to signal any reversal.

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• GBPUSD

Update: The GBP/USD pair is trading sideways with a slight bearish bias, caught between the 200-day moving average (red line) and immediate support at 1.2691. Resistance at 1.2846 aligns with a prior supply zone, making it a significant hurdle for any upside move. A breakdown below 1.2691 could expose the pair to the next major support at 1.2489. Conversely, reclaiming the 1.2846 level could shift momentum back in favor of buyers.

• GOLD

Update: Gold remains in a rising channel, with clear support along the lower red trendline around 2600.77. The price has retraced from its recent high near 2723.63 but remains within the channel, suggesting the uptrend is intact. A bounce from current levels may target the upper trendline near 2723.63, while a breakdown below 2600.77 could signal a reversal and deeper correction toward 2550. The Stochastic Oscillator shows oversold conditions, hinting at a possible near-term rebound.

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• AUDUSD

Update: The AUD/USD pair shows a strong bearish trend on the daily chart, as the price recently broke through key support at 0.6345. This level, which acted as a historical demand zone, is now resistance. The bearish momentum is evident, with lower highs and lower lows signaling further downside potential. A move toward 0.6281 or even the next psychological level at 0.6255 seems likely if sellers maintain control. The oscillator at the bottom remains weak, reinforcing the bearish momentum.

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• GBPJPY

Update: On the 4-hour chart, GBP/JPY has been consolidating near the descending trendline, acting as strong resistance around 195.99. The recent rally faced rejection at this level, and the pair is now retreating toward key support at 192.53. A break below this support could open the door to further downside toward 180.32. Meanwhile, the Awesome Oscillator (AO) shows weakening bullish momentum, hinting at a possible reversal or deeper correction.

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