Alpari - Analytics


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Daily analytical report (08/03/17)

  • AUD/USD with a short-term selling opportunity as the price breaks from the bearish flag. We also bounced from the 23.6% Fibonacci level. Currently, we should aim at the 38.2%, which is a strong horizontal support and a place where the price can potentially end the downswing.
  • Gold closely correlates with the AUDUSD. Here, the price easily broke a very important horizontal support (green area). This breakout was rather surprising as this level looked strong, at least on a paper. Currently, there are no bullish signals here whatsoever, so the sentiment is neutral with a possible move towards 1182 USD/oz.
  • EUR/AUD is back on track with a beautiful upswing from the beginning of the European session. It looks like this upswing is putting an end to the bearish correction here. It seems like we are back to an uptrend, which is supported by the iH&S and by the breakout of the mid-term down trendline. Watch out for the ECB on Thursday, which will definitely influence this pair.

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