Forex analysis review |
- USDCAD has reached initial bounce target.
- EURUSD major long-term bullish divergence remains
- Gold remains strong above $1,400
| USDCAD has reached initial bounce target. Posted: 03 Aug 2019 01:56 PM PDT USDCAD has broken through the resistance levels we noted in our last analysis and has reached the 1.3270 target area. Now we see some rejection signs that should be taken under serious consideration.
USDCAD has reached the 38% Fibonacci retracement of the decline from 1.13565 and the 61.8% Fibonacci retracement level of the decline from 1.3432. This is important resistance area and our first bounce target. So far it looks like that it will not be ease to break this resistance level. Support is found at 1.31 and breaking below it could lead to a move below 1.30. A daily close above 1.3270 would open the way for a move towards the next major Fibonacci level of 1.3355. The material has been provided by InstaForex Company - www.instaforex.com |
| EURUSD major long-term bullish divergence remains Posted: 03 Aug 2019 01:50 PM PDT EURUSD has reached our downside targets after breaking below 1.12. EURUSD has broken below 1.11 and has reached 1.1050-1.10 area which was our target. EURUSD remains trapped inside the long-term bullish wedge that I expect to break it to the upside.
Black line -upper wedge boundary EURUSD has reached the downward sloping red trend line touching the lows from August 2018. EURUSD gave us a sell signal after breaking below 1.12 and has reached our target of 1.1050-1.10. Now EURUSD could bounce towards 1.1250-1.1275 but price would remain inside the long-term downward sloping wedge pattern. Only a break out above the wedge and especially above 1.1420 would be a reversal signal of the bearish trend. Price continues to make lower lows and lower highs despite the recent try above 1.14. Inability to hold above it has lead to the new lows. The bullish RSI divergence on a weekly basis remains and provides a warning to bears not to get overconfident. The material has been provided by InstaForex Company - www.instaforex.com |
| Gold remains strong above $1,400 Posted: 03 Aug 2019 01:45 PM PDT Gold price has managed to hold above the critical support area of $1,400 and is now challenging again the resistance area of $1,450 and 2019 highs.
Red rectangle - major support area Gold price shows resilience as support at $1,400 was tested and respected. Price did not break down and the RSI is being relieved from overbought levels. Gold price challenges the resistance of recent highs. Breaking above it combined with a new higher high in the RSI could lead to a move towards $1,500-$1,525. Gold trend remains bullish as long as price is above $1,400. Short-term support is found at $1,430 and next at $1,415. Resistance is found at $1,450. A weekly close above $1,450 would be very bullish for Gold. The material has been provided by InstaForex Company - www.instaforex.com |
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