2018-12-27
The EUR/USD pair remains inside the trading range between 1.1450-1.1270. In the short term, the trend remains neutral. However, today, we will take a look at the bigger picture and see that the bullish scenario is more likely.
Red lines - bullish divergence
Black downward sloping line - major trend line resistance
The EUR/USD pair has stopped the decline from 1.2555 at the level very close to the important support at 1.1215 where we find the 61.8% Fibonacci retracement level. This Fibonacci level is very important support and we often see trend reversals from this area. Additionally, on the daily chart, we can observe a three drive pattern in the RSI where the new lows in the price are not followed by the new lows in the RSI. These are all bullish indications and warnings to bears. But from the technical point of view, the trend has not changed yet. Bulls will need to break and close above 1.1450-1.1470 and the black downward sloping trend line in order for the trend to change.
Technical analysis for Gold for December 27, 2018
2018-12-27
Gold remains in the bullish trend making higher highs and higher lows. Yesterday, the price made a pullback towards $1,264. In our last analysis, we noted that as long as the price is above the $1,245-50 area, trend remains bullish at least in the short term.
Black downward sloping line - major trend line resistance
The EUR/USD pair has stopped the decline from 1.2555 at the level very close to the important support at 1.1215 where we find the 61.8% Fibonacci retracement level. This Fibonacci level is very important support and we often see trend reversals from this area. Additionally, on the daily chart, we can observe a three drive pattern in the RSI where the new lows in the price are not followed by the new lows in the RSI. These are all bullish indications and warnings to bears. But from the technical point of view, the trend has not changed yet. Bulls will need to break and close above 1.1450-1.1470 and the black downward sloping trend line in order for the trend to change.
Technical analysis for Gold for December 27, 2018
2018-12-27
Gold remains in the bullish trend making higher highs and higher lows. Yesterday, the price made a pullback towards $1,264. In our last analysis, we noted that as long as the price is above the $1,245-50 area, trend remains bullish at least in the short term.
Green lines - bullish channel
Gold price got rejected at the upper channel border and pulled back from $1,279 to $1,264. Gold price got very close to the 61.8% Fibonacci retracement level which was our next target. There is no warning from the RSI yet neither in the daily chart or the H4 chart. Short-term support is found at yesterday's lows and the next one is at $1,255. I believe that a new higher maximum may come and push the price closer to the 61.8% Fibonacci retracement.
Gold price got rejected at the upper channel border and pulled back from $1,279 to $1,264. Gold price got very close to the 61.8% Fibonacci retracement level which was our next target. There is no warning from the RSI yet neither in the daily chart or the H4 chart. Short-term support is found at yesterday's lows and the next one is at $1,255. I believe that a new higher maximum may come and push the price closer to the 61.8% Fibonacci retracement.
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