2018-06-18
Gold price has broken through our support levels and reached our lower target in the $1,275-80 area. Last week, we were worried that a break below $1,290 would lead to a test of $1,280 and probably give a new lower low. I was bullish and still remain bullish for the longer term, but the market showed us a decline, so we should protect our longs.
Red line - triangle
Blue line - support
Yellow line - bullish divergence
Gold price in the short-term support is at $1,278 and next at $1,262. The RSI is diverging while the price is marginally below the 61.8% Fibonacci retracement. Last week, once the triangle pattern broke out and Gold got rejected once again at the $1,307-$1,310 area, things were not looking good for Gold. Inability to break the resistance was followed by a rejection and new lower lows. Gold has resistance at $1,295. Only a move above this level could increase the chance of a major low. Longer-term view remains bullish for a move towards $1,400-$1,450.
Technical analysis on USD/JPY for June 18, 2018
2018-06-18
The USD/JPY pair is trading in a bullish trend. Price has been making higher highs and higher lows since the end of May at the 108.10 level. The last higher high was made by USD/JPY at 110.91, however, it was a non-confirmed high by the RSI which is diverging.
Blue lines- bullish channel
The USD/JPY pair has support at 110.20 and next at the 109.70-109.40 area by the Ichimoku cloud. Resistance is at 111. The USD/JPY pair is in a bullish trend as long as the price is inside the blue upward sloping channel and will give us a reversal signal, once the channel is broken. Trend will change to bearish only in the case of a break below 109.40.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment