2018-06-28
Technical outlook:
The EUR/USD pair has dropped lower from exactly the 1.1720 levels as discussed earlier this week. Traders who took short positions are requested to take profits now. There are two equally weighted probabilities arising now. 1. If prices unfold into 5 waves from 1.1720 (till now 3 waves corrective structure seen), then lower lows are possible to reach the 1.1200 levels. 2. If wave (4) needs to take on a more complex structure, then we should expect a 5 wave rally pushing above the 1.1850 levels. Looking into the wave counts, the EUR/USD pair has completed wave (3) and is expected to have done with the wave (4) as well at the 1.1850 levels. Please remember that an alternate scenario discussed above still keeps the possibility of the wave (4) terminating higher as possible.
Trading plan:
Aggressive traders build long positions with stop below 1.1490, targeting 1.1950/1.2050.
Fundamental Outlook:
Watch out for German Consumer Price Index figures at 0800 AM EST, followed by USD GDP Annualized at 0830 AM EST
Good luck!
Technical analysis on Gold for June 28, 2018
2018-06-28
The Gold price remains in a bearish trend. Price has reached lower levels than I initially expected. Gold price is hugely miss-priced at current levels, however, there is no sign of upward reversal yet.
Blue lines - bearish channel
Short-term resistance is at $1,255 and next at $1,261. The trend will change only on a break above the 4-hour cloud resistance now found at $1,285. Next important support is at $1,235. Gold justifies a more than 20$ bounce from current levels. This decline is most probably a stop run to squeeze out longs.
Technical analysis on EUR/USD for June 28, 2018
2018-06-28
EUR/USD has broken below critical support yesterday and the RSI has also broken below its support trend line implying that we should soon see a move below 1.15. The trend is bearish as long as the price is below 1.1720.
Magenta line - horizontal supportBlue line - RSI support (broken)
Yesterday I mentioned in my analysis that if RSI price broke below the blue trend line support we should expect the price to fall towards 1.1590 and lower. This is what happened yesterday as support did not hold. Next support is at 1.15 and I believe that as long as we are below 1.1720 any bounce should be sold. The trend is bearish. Next target is at 1.1450.
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