Forex Weekly Forecast with Technical Analysis on Dec 9'24

Welcome to this week’s Forex Forecast as we enter the trading week beginning December 9th. As December rolls in, traditionally, market volumes start to wane, necessitating a more cautious approach to trading. Moreover, with critical updates from the central banks including the Reserve Bank of Australia, Bank of Canada, Swiss National Bank, and the European Central Bank, prepare for potential spikes in volatility.

‍

Dollar Index (DX1!)

Starting with the Dollar Index (DX1!)The long-term outlook remains bullish with a target at 114, although a short-term corrective pullback to levels around 106.5 or even lower to 104.79 is possible.

Click to access Nikkhil’s detailed chart analysis and strategic insights on DX1

‍

EURAUD

As for the EUR/AUD, the pair is displaying strong bullish momentum with support forming robustly around 1.6350. The currency pair has potential targets at 1.6618 and 1.6721, with a break below 1.6187 possibly challenging the bullish scenario.

Click to explore Nikkhil’s comprehensive trade setup for EURAUD, complete with entry, stop loss, and take profit levels to help you capitalize on this movement.

‍

NZD/CHF

Moving on to the NZD/CHF, the outlook is decisively bearish with a downward trajectory showing no signs of abating. Selling on any rallies targeting further lows around 0.49 is advisable, keeping an eye on possible short-term bounces to around 0.51 as potential entries.

Click to uncover  optimal selling strategies during potential rallies.

‍

Gold (XAUUSD)

Gold (XAUUSD) presents a more mixed picture; while a longer-term bullish bias is apparent, short-term movements suggest bearish potential with support around 2489. Resistance near 2700 needs to be monitored closely, as a push above could suggest a temporary bullish correction.

Click to receive our exclusive gold trading guide, which includes tactical approaches and critical levels to watch.

‍

Toast Inc. (TOST)

Lastly, the stock TOST (Toast Inc.) is exhibiting an extremely bullish pattern with no immediate signs of reversal. Support around 35 offers a strong buying opportunity, with resistance at 42. If breached, targets of 49 to 50 are in view, suggesting a mid to short-term hold rather than a quick trade.

Click to get insights into potential buy zones and profit targets for both mid and short-term investment horizons.

‍

As we prepare for a week filled with potentially market-moving updates from central banks, it’s crucial to stay informed and ready to adapt. 

Our detailed analyses provide the insights you need to navigate this volatile environment effectively.

Wishing you a profitable trading week ahead!

Click Here to Watch the Full Week Forex Forecast

‍