Gold and EURUSD Continue the Upswing

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Published: Aug 28, 2018, 08:43 UTC

Gold continues its new bullish path. First resistance, the 23,6% is already broken and today was used as the closest support. The next aim for this

Gold continues its new bullish path. First resistance, the 23,6% is already broken and today was used as the closest support. The next aim for this precious metal is the 38,2% Fibo, which is in line with the supports from July.

EURUSD made new local highs. This week started with a breakout of one major resistance, which was the mid-term down trendline connecting recent lower highs. With this, the way towards the 1.174 is open and soon, we should see another test of this important resistance.

Despite the positive sentiment on Gold and EURUSD, Kiwi is showing us a weakness. Here, we do have a bearish setup, which comes from the local horizontal resistance, correction equality pattern and the mid-term down trendline. We are currently below those three. What is more, the price is forming a double top pattern. This can turn ugly.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

Tomasz Wiśniewskicontributor

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.