Ichimoku cloud indicator short-term analysis of EURUSD for September 30, 2019

EURUSD remains in a bearish trend making new 2019 lows after getting rejected once again at the short-term resistance of 1.1050-1.11. As long as price is below 1.1030 short-term trend remains bearish.

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Resistance is found at 1.10-1.1035. Short-term trend remains bearish as long as we are below this range. Medium-term trend remains bearish as long as price is below the Kumo (cloud) now at 1.1220. Despite the new low other indicators like the RSI did not follow to new lows. The bullish divergence signs remain but still there no reversal as price continues to make lower lows and lower highs. A hint of a trend reversal will come with a daily close above 1.11. Until then we continue to consider each bounce as a selling opportunity.The material has been provided by InstaForex Company - www.instaforex.com

Weekly Gold analysis

The weekly chart in Gold is givings us bearish signs. Gold might be in the process of making a major top and a bearish reversal, but we at least expect Gold to make a considerable pull back over the coming weeks specially if we see a weekly close below $1,488.

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Red rectangles - tops with RSI turning below 70

Black rectangle- major resistance broken now support

Green line - upward sloping trend line support

Gold price has made an impressive move higher from April when it was trading around $1.280. The RSI has now reached overbought levels only seen back at the 2011 all time highs and at the 2009 high. In both cases Gold price made a considerable at least pull back. So this time I do not expect it to be any different. A back test or a move close the the broken resistance now support black trend line is expected. Bulls do not want to see price break below the long-term green trend line support as this would imply new multi year lows are coming. However it is too early to talk about such a scenario. For now we focus on the high chances of a pull back at least towards $1,450-$1,400 which will be confirmed on a weekly close below $1,488.

The material has been provided by InstaForex Company - www.instaforex.com