Forexand Cryptocurrency Forecast for December 23 – 27, 2024
Thepast week saw significant developments across Forex and cryptocurrency markets,characterised by ongoing corrections and trends shaped by key technical levels.EUR/USD continued its decline within a descending channel, while bitcoinmaintained its position in a bullish channel despite some corrective movements.Gold prices demonstrated resilience, sustaining growth within an ascendingchannel. As we move into the final trading week of December, marketparticipants should prepare for possible rebounds from key support levels,signalling potential opportunities for growth across these assets.
EUR/USD
The EUR/USD currency pair concluded the previous week near the 1.0401 mark,continuing its downward movement within a defined descending channel. Thepair's bearish trend remains evident, supported by downward-moving averages anda break below the signal lines. In the upcoming week, further testing of thesupport area near 1.0345 is anticipated, potentially followed by a rebound.This rebound may drive the pair towards the target zone above 1.0705.
An additional indicator of upward momentum would be a test of the support lineon the relative strength index (RSI). However, should the pair break below1.0195, the bearish scenario could extend, potentially targeting levels near0.9805. Confirmation of growth would come with a close above 1.0585, suggestinga breakout from the descending channel.XAU/USD
Gold ended the previous week at 2627, maintaining its bullish trajectory withinan ascending channel. Moving averages continue to favour buyers, reinforcingthe trend. In the coming week, a test of the support level near 2525 is likely,with the potential for a rebound driving prices higher towards 2845.Additionalsignals supporting further growth include a rebound from the RSI trend line andthe lower boundary of a "Triangle" pattern. A breakdown below 2495,however, would invalidate the bullish outlook, signalling a potential declineto levels near 2425. Conversely, a close above 2705 would confirm thecontinuation of the upward trend and validate the pattern's potential target atthe upper range.
BTC/USD
Bitcoin closed the pastweek at 97154, navigating within a bullish channel despite corrective priceaction. Moving averages indicate continued upward pressure, with a possibletest of the support level near 80405 in the coming week. A rebound from this levelcould push bitcoin towards the upper target of 126505.Supportfor the bullish scenario includes a rebound from the lower boundary of thechannel and the RSI support line. However, a breakdown below 75205 would negatethe bullish outlook, opening the door for further declines to 66505. On theupside, a breakout above 102665 would confirm renewed bullish momentum,signalling further potential for growth.
The final trading week of December promises continued activity across Forex andcryptocurrency markets. EUR/USD may see a critical test of support, withpotential for rebounds shaping its near-term trajectory. Gold prices are set tomaintain their bullish path, provided key support levels hold firm. Bitcoin'sbullish channel remains intact, though it must withstand a possible test oflower levels to sustain growth. Traders should remain vigilant and watch forbreakouts or rebounds that could signal decisive moves as the year comes to aclose.NordFX Analytical Group
Disclaimer: These materials are not aninvestment recommendation or a guide for working on financial markets and arefor informational purposes only. Trading on financial markets is risky and canlead to a complete loss of deposited funds.
