2018-10-02
EUR/USD has made new lows as expected. Price has reached near 1.15 and there is still some chances we see a move below 1.15. However, it is still too early to open short positions.
Red line - major resistance
Orange dots - medium strength resistance
Black dots - maximum strength support
EUR/USD is approaching the major support at 1.1470-1.1480. Price got rejected yesterday at 1.1620-1.1630 resistance and fell to new lows. We pointed out very clearly yesterday that bulls would need to break above 1.1620-1.1630 in order for them to regain control of the short-term trend. Trend remains bearish. Short-term resistance is at 1.1580. Breaking and closing above this level would be a bullish sign but not a reversal sign. Only a close above 1.1630 would be considered a reversal sign and that an important low is in.
Technical analysis of Gold for October 2, 2018
2018-10-02
Gold price made a higher low yesterday relative to the $1,180 low made last week. Price is now challenging the short-term bearish channel upper boundary. Breaking above $1,195 would be a bullish sign. However, bulls have lots of work to do as price remains inside the long-term bearish channel.
Red lines - short-term bearish channel
Green lines - long-term bearish channel
Gold price is trying to start a sequence of higher highs and higher lows. Resistance is here at $1,193-95 and next at $1,197-$1,200. Support is at $1,184. Breaking below $1,184 will open the way for a move towards $1,177-73. If bulls manage to break above the $1,200 level, we could see a sharp move towards $1,220.
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