2018-01-08
Overview:
The EUR/USD pair has dropped sharply from the level of 1.2088 towards 1.2000. Now, the price is set at 1.2012 to act as a daily pivot point. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.2030 and 1.1952 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2030 and 1.2088, which coincides with the 78.6% and 100% Fibonacci retracement level respectively. Additionally, the price is on a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.2030. Thereupon, the price spot of 1.2030/1.1056 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2030/1.1056, sell below 1.2030 or 1.1056 with the first targets at 1.1984 and 1.1952. However, the stop loss should be located above the level of 1.2120.
Technical analysis of GBP/USD for January 08, 2018
2018-01-08
Overview:
The GBP/USD pair set above strong support at the level of 1.3505, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3505 because the trend is still showing strength above it. Accordingly, the pair is still in the uptrend from the area of 1.3505 and 1.3472. The GBP/USD pair is trading in a bullish trend from the last support line of 1.3505 towards the first resistance level at 1.3579 in order to test it. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3579 and further to the level of 1.3612. The level of 1.3600 will act as second resistance and the double top is already set at the point of 1.3612. At the same time, if a breakout happens at the support levels of 1.3505 or 1.3472, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
Technical analysis of gold for January 8, 2018
2018-01-08
The Gold price is about to start a correction lower at least towards $1,290. Trend in the very short-term is turning bearish as price has showed topping and reversal signs. The bearish divergence we mentioned last week is starting to push price lower.
Blue lines - bearish divergence signs
The Gold price has short-term support at $1,313 and next and most important short-term support at $1,306. Breaking below $1,306 will confirm the top is in. My target is to see the price at least reach the 38% Fibonacci retracement around $1,290. However, there are many chances we could see much lower.
Short-term resistance is at $1,323. Price is at overbought price levels in the daily chart and my minimum expectation would be to push the price back towards cloud support around $1,280-70. I'm heavily bearish Gold at current levels.
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