EUR/USD tests high levels

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Source: Dukascopy Bank SA


On the hourly candle chart the rate was testing the resistance of the December high levels. The high levels are marked as a zone from 1.2250 to 1.2275. In addition, the rate faces the resistance of the weekly R1 simple pivot point at 1.2262.

Meanwhile, take into account that on Tuesday a channel up pattern was added to the chart. It can be drawn by connecting the December 23 and 25 low levels and setting a parallel line at the Monday's high. In general, it captures the surge that has been occurring from 1.2150.

In the case of the rate bouncing off the resistance zone, it would look for support in the 55, 100 and 200-hour simple moving averages, which on Tuesday were located above the 1.2200 level.

On the other hand, the pair could trade sideways below the zone until the SMAs catch up to the rate and push it through the resistance levels. If the rate passes the resistance, it should first aim at the 1.2300 mark and afterwards, the weekly R2 simple pivot point at 1.2323.
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Tue, 29 Dec 2020 13:09:54 GMT

GBP/USD is kept down by SMA

It was spotted on Tuesday morning that the 55-hour simple moving average had the capability to keep the rate down. Namely, the rate stopped its surge and started to trade sideways, as the SMA approached it. If the SMA continues to provide resistance and move lower, it should push the rate down to test the 1.3430 level. The 1.3430 level

Tue, 29 Dec 2020 08:54:44 GMT

NZD/USD bounces off support

New Zealand's currency declined by 48 basis points or 0.68% against the US Dollar on Monday. The decline was stopped by the 100– hour simple moving average during yesterday's trading session.

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