EUR/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Following the break of long-term trendline resistance (1.6038) in July, buyers and sellers have since gone toe-to-toe around the upper section of supply from 1.1857/1.1352. Though this argues additional upside may be on the horizon, targeting ascending resistance (prior support – 1.1641), a dip to retest the recently penetrated trendline resistance (support) is also still on the table.

The primary downtrend (since July 2008) remains intact until 1.4940 is engulfed (May 2 high [2011]).

Daily timeframe:

Partly modified from previous analysis –

Supply at 1.2012/1.1937 remains a key zone to be mindful of on the daily chart, active since May 2018.

Trend remains to the upside, with price currently working with an early falling wedge correction (pattern) between 1.2011 and 1.1612 – some may interpret this arrangement as a descending triangle pattern. You may note Monday actually tested the upper boundary of the falling wedge and formed what is known as a doji candle, signifying a possible correction.

In terms of support beyond the aforesaid pattern, 1.1553 and 1.1495 offer prominent levels.

RSI fans will also note the value remains above 50.00, though rooted within the upper region of an ascending channel.

H4 timeframe:

Partly modified from previous analysis –

EUR/USD acknowledged support between 1.1815/1.1795 on Monday (blue), serving buyers well following a sharp slump from supply at 1.1928/1.1902 (prior demand).

It should be noted the aforesaid supply is sited underneath daily supply parked at 1.2012/1.1937, and encases the upper line of the daily falling wedge pattern.

H1 timeframe:

Opening action on Monday witnessed a 1.1851 support retest develop, a move that brought about a healthy rise to peaks at 1.1878, breaching the 100-period simple moving average at1.1861. This followed through with a retest of the simple moving average to test the spirit of 1.19.

Sellers, as you can see, responded strongly from 1.19 amid healthy US PMI data, igniting a break through 1.1851 support and nearby demand at 1.1836/1.1846 to rebound from just ahead of 1.18 and retest 1.1836/1.1846 as supply.

RSI fans will also note the oscillator dipped to oversold terrain. The value has since mildly recovered, holding at around 41.00.

Observed levels:

Monthly buyers holding gains around the upper side of monthly supply from 1.1857/1.1352 marks a possible break above the daily falling wedge pattern between 1.2011/1.1612, and also adds some weight behind the H4 candles rebounding from support at 1.1815/1.1795. This could mean H1 sellers within 1.1836/1.1846 may be on troubled ground as buyers could pursue higher levels today.

AUD/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Following a mild correction that addressed the upper border of demand at 0.7029/0.6664 (prior supply), buyers have so far responded well. Up by 3.7 percent in November, buyers appear to be free to explore as far north as 0.8303/0.8082 in the coming months, a supply zone aligning closely with trendline resistance (prior support – 0.4776).

In terms of trend, the primary downtrend (since mid-2011) remains south until breaking 0.8135 (January high [2018]).

Daily timeframe:

Brought forward from previous analysis –

Supply at 0.7345/0.7287 (a rally-base-drop formation) has remained in the frame since November 9. That said, sellers have so far displayed a non-committal tone as monthly buyers continue to flex off demand. Neighbouring supply at 0.7453/0.7384, extended from August 2018, therefore, could soon be thrown in the mix.

The RSI indicator continues to consolidate beneath overbought space, following the removal of 52.00 resistance at the beginning of November.

H4 timeframe:

Buyers and sellers on the H4 chart are seen squaring off beneath 0.7340 resistance, with sellers gaining the upper hand on Monday. Pattern traders may also recognise an ascending triangle forming between the aforesaid resistance and trendline support from 0.7221. Ascending triangles are often viewed as continuation signals.

Lower moves may target support brought in at 0.7210.

H1 timeframe:

AUD/USD sellers shifted gear heading into the US session on Monday, hammering through several key areas to land at demand from 0.7262/0.7273, as well as throwing the RSI value to within close range of oversold space.

0.7305/0.7295 supply is now on the verge of welcoming action, an area that owns the 0.73 level and 100-period simple moving average.

Observed levels:

Observed confluence within H1 supply at 0.7305/0.7295 offers sellers an area to consider today, braced by daily supply at 0.7345/0.7287 (albeit a fragile supply of late).

Unseating 0.7305/0.7295, on the contrary, gifts buyers the opportunity to possibly approach 0.7340 resistance on the H4.

USD/JPY:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

Since kicking off 2017, USD/JPY has been carving out a descending triangle pattern between 118.66/104.62.

November, as you can see, is working with the lower edge of the aforesaid pattern, down by 0.2 percent.

104.62 ceding ground shines light on demand from 96.41/100.81, followed by trendline support (76.15) and the descending triangle’s take-profit level at 91.04 (red).

Daily timeframe:

After six successive bearish days south of supply from 106.33/105.78 and trendline resistance (111.68), USD/JPY staged a robust comeback on Monday, adding 0.6 percent.

Downside risk remains, with light on demand at 100.68/101.85, drawn from September 2016, as well as RSI oversold space (the value remains trading under 52.00 resistance).

H4 timeframe:

Despite leaving demand from 103.04/103.58 uncontested, extended from March 2020 (holds the 103.17 low on the daily timeframe), upside gained speed yesterday and toppled resistance at 104.11. As you can see, this invited buyers to supply at 104.60/104.42. With the upper trim of the aforesaid supply taken, buyers may journey to higher territory and test supply at 105.41/105.15.

H1 timeframe:

Transitioning into the US session Monday observed the upper part of a local falling wedge pattern (103.91/103.71) suffer a violent break. In the space of two bullish candles, price eclipsed the 100-period simple moving average, the 104 level and trendline resistance (105.67). 104.50 resistance is putting up a fight but buyers appear to be gaining the advantage, slowly chewing through offers to clear room to approach the 105 level.

Also interesting on the H1 chart is the RSI indicator reaching overbought highs just ahead of resistance at 86.43.

Observed levels:

Monthly price juggling with descending triangle support at 104.62; room for daily price to hone in on trendline resistance (111.68) and H4 supply at 104.60/104.42 appearing to lose grip signals 104.50 resistance on the H1 is in for a hard time. Breakout buyers may try to take advantage of this, with 105 targeted.

GBP/USD:

Monthly timeframe:

(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)

November trading higher by 3 percent places trendline resistance (2.1161) in the line of fire on the monthly chart.

In terms of trend, nevertheless, the primary trend has faced lower since early 2008, unbroken (as of current price) until 1.4376 gives way – April high 2018.

Daily timeframe:

Brought forward from previous analysis –

Since crossing paths with demand at 1.2645/1.2773 and 200-day simple moving average in late September, GBP/USD has displayed a gradual interest to the upside.

Taking on higher levels this week targets the 1.3483 September peak, with a break to confirm the current uptrend on this timeframe (since early 2020).

RSI followers will see the line has produced a series of higher highs and lows since late September, on course to welcome overbought conditions.

H4 timeframe:

Supply at 1.3402/1.3368 moved into position on Monday. Strengthened on the back of a 127.2% Fib projection level at 1.3366, sellers made an entrance. Removal of the aforesaid supply targets peaks at 1.3483 underlined on the daily chart.

It should also be noted an early ascending wedge is currently in the process of forming between 1.3105/1.3313.

H1 timeframe:

Following a steep sell-off beneath 1.34 resistance, brought about on USD strength, an aggressive whipsaw through orders at 1.33 emerged to test the 100-period simple moving average at 1.3279.

As we make our way into Tuesday’s sessions, price is comfortably trading above 1.33 and testing the control of 1.3339/1.3322 as a supply zone.

Also of interest is the RSI oscillator reclaiming a 50.00+ position after dipping to lows at 42.40.

Observed levels:

Partly modified from previous analysis –

Monthly and daily timeframes display scope to probe higher, with the 1.3483 September peak eyed (joined by monthly trendline resistance).

This places upside pressure on sellers from H1 supply at 1.3339/1.3322 and maybe, should price retest the zone, the H4 supply at 1.3402/1.3368.

For that reason, this appears a buyers’ market at the moment.

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