Analysis of EURUSD 6.08.2018

Analysis of EURUSD 6.08.2018
Written by: PaxForex analytics dept - Monday, 06 August 2018

The price is below the moving average 20 MA and MA 200, indicating the downward trend.
MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the level of support is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 1.1500
• Take Profit Level: 1.1400 (100 pips)

If the price rebound from support level, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.1600
• Take Profit Level: 1.1650 (50 pips)

Technical analysis of gold for August 6, 2018

2018-08-06

Gold price remains inside the downward sloping wedge pattern. The trend remains bearish. Gold price is making lower lows and lower highs. The RSI continues to provide bullish divergence warnings. The key short-term reversal level has now been lowered.



Black lines - wedge pattern

Red line - RSI bullish divergence

Blue line- RSI resistance

As long as the price is below $1,225 and the RSI is below the blue trend line resistance, the trend will remain bearish. For the short-term trend to change to bullish we need to see both levels to be broken upwards. The next support in gold price is at $1,190-$1,180. The price behavior justifies a strong bounce at least towards $1,265-75 area.

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