2018-06-27
Gold price remains in a bearish trend. Price is approaching important weekly support levels and at least a short-term bounce is approaching. Gold price has weekly oversold signals, warning not to be bearish at current levels. We have no reversal confirmation yet, but we believe that soon we will see the reversal. The key level is at $1,268.
Green line - long-term supportRed line - long-term resistance
Blue arrows - reversal points when Stochastic was oversold.
Gold price is challenging the weekly cloud support and the weekly upward sloping trend line. All the previous times the stochastic was so oversold, Gold rallied. Our time frame is for the next 1-2 months and therefore our risk tolerance should be similar to the downside. Our target remains new highs above $1,400.
Ichimoku cloud indicator analysis on EUR/USD for June 26, 2018.
2018-06-27
UR/USD got rejected yesterday at the 61.8% Fibonacci retracement and pushed below short-term support at 1.1690. Price pulled back towards the lower cloud boundary and 38% Fibonacci retracement at 1.1640 and found support.
The EUR/USD pair could be in the making of a higher low before continuing higher. Support at 1.1640 held and from current levels we can see a push higher. Key indicator for this scenario will be the RSI in our 4-hour chart. Bulls do not want to see the price of the RSI break the blue trend line support. If price breaks the blue TL, we should expect EUR/USD to move lower towards 1.1590.Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
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