2018-10-05
Eurusd is trying to break out above and out of the downward sloping wedge pattern. Price has short-term support at 1.1480 and resistance at 1.1545. Today we expect the announcement of the US Non-Farm Payrolls one hour before the US markets open, so this should increase volatility.
Red lines - wedge pattern
Red line - bullish divergence
EUR/USD could still make one more new lower low towards 1.1420 today before the big upward reversal we are expecting. Key resistance that if broken will make me forget the new lows scenario is at 1.1590. Only a break above this level will make me confirm that the low is in and that the entire decline from 1.1815 is over. I'm biased to the upside favoring bullish positions. Longer-term view is bullish where I will be risking a break of 1.13 (stop) for a move towards 1.19 and higher.
Technical analysis of Gold for October 5, 2018
2018-10-05
Gold price remains inside the trading range. Gold price made a move higher yesterday towards $1,207 but did not break above resistance of $1,211. Prices reversed strongly back below $1,200 at the upper boundary of the long-term bearish channel.
Red lines - trading range
Green lines - bearish long-term channel
Gold price is in a neutral trend. Only a clean exit out of the trading range could provide some momentum. Today after the NFP announcement we could see a break of the trading range. A rejection at $1,200 and a move below $1,184 will open the way for a move towards $1,140. A break above $1,207 will increase the chances of exiting the trading range to the upside towards $1,220-40.
Red line - bullish divergence
EUR/USD could still make one more new lower low towards 1.1420 today before the big upward reversal we are expecting. Key resistance that if broken will make me forget the new lows scenario is at 1.1590. Only a break above this level will make me confirm that the low is in and that the entire decline from 1.1815 is over. I'm biased to the upside favoring bullish positions. Longer-term view is bullish where I will be risking a break of 1.13 (stop) for a move towards 1.19 and higher.
Technical analysis of Gold for October 5, 2018
2018-10-05
Gold price remains inside the trading range. Gold price made a move higher yesterday towards $1,207 but did not break above resistance of $1,211. Prices reversed strongly back below $1,200 at the upper boundary of the long-term bearish channel.
Red lines - trading rangeGreen lines - bearish long-term channel
Gold price is in a neutral trend. Only a clean exit out of the trading range could provide some momentum. Today after the NFP announcement we could see a break of the trading range. A rejection at $1,200 and a move below $1,184 will open the way for a move towards $1,140. A break above $1,207 will increase the chances of exiting the trading range to the upside towards $1,220-40.
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