2018-12-19
Gold price made a new marginal new higher high. Medium-term trend remains bullish as price continues to make higher highs and higher lows. Gold price is heading towards $1,262. Last weeks low is now very important support.
Blue line - bearish divergence
Purple lines - bullish channel
Gold price is now targeting the 50% Fibonacci retracement level and the upper channel boundary at $1,262. The upside is limited for Gold and traders should not chase the bullish side at current levels. Gold price is about to complete the entire leg up from $1,196 around $1,262 and at least make a pull back towards $1,230. The RSI is already giving divergence signs. Short-term trend change level is found at last weeks lows at $1,232.
Technical analysis for EUR/USD for December 19, 2018
2018-12-19
EUR/USD is trying to break above 1.14 so far. The chances that the break down below 1.13 was a fake break down have increased dramatically. Strong resistance lies ahead around 1.1430 so bulls need to be cautious.
Purple lines - bullish channel
Gold price is now targeting the 50% Fibonacci retracement level and the upper channel boundary at $1,262. The upside is limited for Gold and traders should not chase the bullish side at current levels. Gold price is about to complete the entire leg up from $1,196 around $1,262 and at least make a pull back towards $1,230. The RSI is already giving divergence signs. Short-term trend change level is found at last weeks lows at $1,232.
Technical analysis for EUR/USD for December 19, 2018
2018-12-19
EUR/USD is trying to break above 1.14 so far. The chances that the break down below 1.13 was a fake break down have increased dramatically. Strong resistance lies ahead around 1.1430 so bulls need to be cautious.
Green line - RSI bullish divergence
Red line - major trend line resistance
Blue line - short-term resistance
Yellow rectangle - major short-term support
EUR/USD has bounced strongly towards 1.14 after revisiting the 1.13-1.1270 area. This bounce is a bullish sign. However nothing has changed yet. Bears remain under control of the medium-term trend as long as price is below 1.1430. EUR/USD has resistance at 1.14-1.1430 and next at 1.15. Support is critical at 1.1270 where we saw a double bottom being formed. Breaking and holding above 1.14 would open the way for a move towards 1.1520-1.16 and higher. Failure to hold above 1.13 will open the way for a move towards 1.11. The longer-term bullish divergence sign in the Daily chart favors the bullish scenario.
Red line - major trend line resistance
Blue line - short-term resistance
Yellow rectangle - major short-term support
EUR/USD has bounced strongly towards 1.14 after revisiting the 1.13-1.1270 area. This bounce is a bullish sign. However nothing has changed yet. Bears remain under control of the medium-term trend as long as price is below 1.1430. EUR/USD has resistance at 1.14-1.1430 and next at 1.15. Support is critical at 1.1270 where we saw a double bottom being formed. Breaking and holding above 1.14 would open the way for a move towards 1.1520-1.16 and higher. Failure to hold above 1.13 will open the way for a move towards 1.11. The longer-term bullish divergence sign in the Daily chart favors the bullish scenario.
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