Alpari - Analytics

Alpari

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Daily analytical report (26/04/17)

  • It looks like the market has finally decided to correct those huge movements that we found on the charts after the weekend. EUR is going down and indices are also in the red. This is completely normal and it's a bit too early to say that the optimism has gone entirely.
  • Gold, after few days of decline, has found and important support created by the mid-term up trendline and the horizontal level (1262 USD/oz). We can see a bullish reaction here so we can assume that this small bounce (for now) will lead to a bigger correction.
  • AUDNZD is continuing the upswing triggered by the bullish breakout from the flag formation. The daily candle, after the breakout, has higher highs and lows which increases the chances of success. The price being above the neckline and a long-term down trendline is also very positive here.
  • GBPCAD went to the exact place we expected it to. The resistance is created by tops from August and September. First reaction is a bounce. Traders are taking profits after the 800 pip upswing that took place after we got out of the wedge formation. Sentiment is very positive.


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