Forex analysis review

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Weekly Ichimoku cloud indicator analysis of EURUSD Posted: 17 Aug 2019 12:07 AM PDT EURUSD bounced towards 1.12-1.1230 but got rejected. Price has pulled back below 1.11 and bears back in control of the short-term trend. Price got rejected again right at the tenkan- and kijun-sen indicators confirming bearish trend. EURUSD remains in weekly bearish trend as shown by the weekly chart above. Price is not only below the weekly Kumo, but also below both the tenkan- and kijun-sen indicators (red and yellow line). The kijun-sen(yellow line indicator) is also above the tenkan-sen (Red line indicator). This confirms bearish trend. Last week and this current week bulls tried to break above the two indicators which are found at 1.120-1.1237 but both times we saw a rejection. A new lower low below 1.1026 is very possible this week. On a daily and weekly basis we have some bullish divergence signs by the RSI, but as long as price keeps making lower lows and lower highs we can not talk about a reversal.The material has been provided by InstaForex Company - www.instaforex.com

Weekly Gold analysis Posted: 17 Aug 2019 12:01 AM PDT Gold's weekly close has not given any bearish reversal sign. Price closed at a new weekly higher high confirming the bullish trend we are in. There is no bearish divergence on a weekly basis but RSI is at overbought levels. Red lines - bullish channel Green line -major support trend line Gold price has broken past the 100% extension of the first upward move from $1,160 to $1,346. Next target is the 161.8% Fibonacci extension at $1,570. Price is inside a steep upward bullish channel. We only observe bearish divergence signs on 4 hour and daily charts. This is just a warning that bulls need to be cautious. At the end of this week price pulled back from recent highs and closed right above the key short-term support of $1,510. Holding above it is crucial if bulls want to see $1,570. Breaking below this support area of $1,500-$1,510 will lead to a bigger pull back at least towards $1,450-$1,430. The longer-term bullish trend can only be put in danger only if price breaks below $1,350-$1,300. The material has been provided by InstaForex Company - www.instaforex.com

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