Forex EUR/JPY,EUR/GBP 12/30

EUR/JPY Intraday: Rebound. The pair has formed a double-bottom pattern. Currently, it has rebounded and is challenging the 20-period moving average, while the relative strength index is about to cross above the neutrality level of 50. As long as the key support at 121.67 holds, the pair should target 122.47 and 122.71 on the upside. Alternatively, a break below 121.67 would open a path to 121.27 on the downside.

EUR/GBP Intraday: Towards 0.8599. The pair maintains a bullish bias above the key support at 0.8512. Currently, it is lingering around both the 20-period and 50-period moving averages, and the relative strength index is hovering around the neutrality level of 50. Above the key support at 0.8512, expect a bounce to 0.8580 and 0.8599. Alternatively, a break below 0.8512 would trigger a decline to 0.8480.

Forex GBP/JPY chart 12/30

	The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification

	Symbol : GBPJPY

Direction : Identified time : 2019-12-30 16:01 GMT Breakout price : 142.946 Forecast price : 142.633 Forecast pips : 31 Probability : 59.88 %

Pattern : Triangle Interval : 60 Min Pattern : Support Interval : 60 Min

Gold 12/30

Gold is up 0.1% at $1,513.10 a troy ounce in thin holiday-period trading, with the precious metal extending its gains over the past week to 1.8%. "Gold's latest surge is strictly happening because the dollar is weakening, and expectations are growing the greenback will continue to fall further in 2020," OANDA's Edward Moya notes. The WSJ Dollar Index is down 0.2% with signals that global economic growth could pick up denting the currency's gains in 2019's final quarter. "Both Europe and Asia are starting to show further signs of economic life and the dollar could weaken further as we start to see strong flows come to emerging markets

Forex USD/JPY, EUR/USD charts 12/30

USD/JPY 1st support - 108.30 (major) 1st resistance - 110.50 (moderate) 2nd support - 107.40 (minor) 2nd resistance - 112.00 (moderate)
USD/JPY (last 109.38): The pair is supported by a rising trend line drawn from October, indicating a bullish outlook. Both rising 20-day and 50-day moving averages are also acting as support now. The relative strength index stays above its neutrality level at 50, showing the lack of downward momentum for the prices. Hence, above 108.30, expect a rise with targets at 110.50 and 112.00 in extension. On the other hand, a break below 108.30 would open a path to 107.40 on the downside.

 
EUR/USD 
1st support - 1.1065 (major) 
1st resistance - 1.1280 (moderate) 
2nd support - 1.0980 (minor) 
2nd resistance - 1.1370 (moderate) 
 

EUR/USD (last 1.1190): The pair posted a sharp rebound after touching both rising 20-day and 50-day moving average. Currently, the prices cross above the upper Bollinger band, calling for an upward acceleration. The relative strength index is locating at 60s, suggesting the upward momentum for the prices. Therefore, as long as 1.1065 is not broken, expect a further upside with targets at 1.1280 and 1.1370 in extension. Alternatively, breaking below 1.1065 would bring a return with 1.0980 and 1.0880 as targets.

Forex trading

Traders must keep an eye on how strong the selling pressure is at those levels. Thus we buy at demand levels because they were turning points in the past.  They are levels where prices could not continue to drop and started to rise.  This occurs as the supply is becoming exhausted as sellers sell shares onto the market.  What will happen prices become so cheap that willing buyers jump in and support the price.  When the demand from these buyers exceeds the existing supply from sellers, prices will rise.  Traders should focus on that area as an area of demand where we will buy again in the future.