Daily Market Analysis and Trading Forex Signals Wednesday 8th December 2021

To assist you make a good day trading selection, we’ll cover the newest forex market analysis. Here we help traders make trades, we must know how to trade first, and now we will cover how to interpret candlesticks and analyse chart patterns. Aside from that, we’ll cover some basic tips and methods that can aid anybody curious in day trading strategies. So let’s start by looking at some charts from today…

DXY:

On the H4 timeframe, prices are on bearish momentum. We see the potential for prices to dip from 1st resistance at 96.484 in line with 78.6% Fibonacci extension and descending trendline towards our 1st support at 95.858 in line with 78.6% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, breaking our 1st support will find prices dipping towards 2nd support at 95.513 in line with 78.6% Fibonacci extension.

Areas of consideration:

  • H4 time frame, 1st resistance at 96.484
  • H4 time frame, 1st support at 95.585

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XAU/USD (GOLD):

After you learn how to trade the GOLD (XAU/USD) in combination with Gold Trading Signals is the most powerful way to day trade the precious metal.

On the H4 chart, prices are on bullish momentum. We foresee a potential bounce from our 1st support at 1781.3 in line with 23.6% Fibonacci retracement towards our 1st resistance at 1791.28 which is an area of Fibonacci confluences. Breaking it will find prices climbing higher toward our 2nd resistance at 1808.03 which is an area of Fibonacci confluences. Technical indicators are showing bullish momentum.

Areas of consideration:

  • 4h 1st resistance at 1791.28
  • 4h 1st support at 1774.46

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GBP/USD

Learning how to trade the GBPUSD today is one of the best skills on can learn.

On the H4 chart , price is abiding by a descending trendline and is near the first support level of 1.31777 which is also the graphical overlap support. Price can potentially go to the first resistance level of 1.33556 which is also 100% Fibonacci projection and 50% Fibonacci retracement. Our bullish bias is supported by RSI indicator as it is abiding by the ascending trendline

 Areas of consideration :

  • H4 1st resistance at 1.33556
  • H4 1st support at 1.31777

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USD/CHF

In reference to yesterday’s analysis, price indeed dropped to 1st Support at 0.91684. On the H4 timeframe, we can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement toward 1st Support in line with 100% Fibonacci projection. Our bearish bias is further supported by the Ichimoku cloud indicator where price is holding below it. Traders should wait for prices to swing higher or lower before entering. Traders should wait for price to swing higher or lower to enter.

Areas of consideration:

  • Watch 1st Support at 0.91684
  • Watch 1st Resistance at 0.92249

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EUR/USD

Let’s see how to trade the EURUSD today

On the H4 chart price is abiding by the descending trendline and near the first resistance level of 1.13745 which is also 38.2% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially dip to the first support which is also the daily support level and Fibonacci retracement level of 127.2%. Our bearish bias is supported by the stochastic indicator as it is at resistance level.

Areas of consideration :

  • H4 first resistance at 1.13745
  • H4 1st support at 1.11397

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USD/JPY

On the H4 timeframe, price broke out of the ascending trendline support, signifying a bearish momentum.  We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement to the 1st Support in line with 127.7% Fibonacci projection and horizontal support. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Areas of consideration:

  • H4 1st resistance level 113.559
  • H4 1st support level 112.740

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AUD/USD

On the H4, price has broken out of the descending trendline resistance, signifying bullish momentum. We can expect price to bounce from 1st Support in line with 23.6% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bullish bias is further supported by the EMA period 50 acting as a support.

Areas of consideration:

  • H4 1st Support level 0.71247
  • H4 1st resistance level 0.72303

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NZD/USD

On the H4 timeframe, prices are on bearish momentum. We see potential for prices to dip from our 1st resistance at 0.68179 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement towards our 1st support at 0.67734 which is a graphical overlap and in line with 61.8% Fibonacci retracement.  If prices break our 1st support, prices can potentially dip further towards our 2nd support at 0.67419 in line with 100% Fibonacci retracement. Technical indicators are showing bearish momentum.

Areas of consideration:

  • H4 time frame, 1st resistance at 0.68179
  • H4 time frame, 1st support at 0.67734

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USD/CAD

On the H4, with price approaching the support of the stochastics indicator, we have a bullish bias that price will rise from 1st support at 1.26227 in line with the graphical overlap support and 61.8% Fibonacci retracement to 1st resistance  at 1.27252 in line with the graphical swing high resistance. Alternatively, we may see price break 1st support structure and head for 2nd support at 1.24975 in line with the horizontal swing low support  and 78.6% Fibonacci retracement.

Areas of consideration:

  • H4 time frame, support at 26227
  • H4 time frame, resistance at 1.27252

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OIL

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On the H4 timeframe, with price rejecting the ascending trendline of the stochastics indicator and the approaching the horizontal graphical level at 1st resistance at 77.00 in line with two 61.8% Fibonacci retracements , we have a bearish bias that price will drop from 1st resistance to 1st support at 72.21 in line with the horizontal overlap support and 23.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 82.98 in line with the horizontal swing high resistance.

Areas of consideration:

  • H4 time frame, 1st resistance of 77.00
  • H4 time frame, 1st support of 21

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Dow Jones Industrial Average

On the H4, with approaching the resistance of the stochastics indicator and the horizontal graphical level,  we have a bearish bias that price will drop to 1st support at 35503 in line with the horizontal overlap support from 1st resistance at 35863 in line with the 78.6% Fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 36062 in line with the horizontal swing high resistance.

  • 4H resistance at 35863
  • 4H support at 35503

 
 
 
 

Buy Sell 


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