Alpari - Analytics

Alpari

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Daily analytical report (13/07/17)

  • Indices ended the sideways trend that had been present on the charts since the beginning of July. From a technical point of view, all is ready for a new bullish wave aiming at new all-time highs.
  • DAX reversed with a nice iH&S pattern, which was created at an important support (12350). The neckline of this formation is, at the same time, a recently broken up trend line. That explains why the breakout was so strong and gave additional momentum to buyers. Currently, the price is undergoing a correction but the sentiment from yesterday should be continued, at least in the mid term.
  • SP500 was in a slightly better condition. Here we bounced off the up trendline along with the 2405 support (slightly above). The price broke the dynamic resistance and should make new highs soon.
  • The US dollar index tested lows from the end of June. This is not a surprise as it is in line with the trend and the trend continuation pattern suggested this would happen. As long as we stay below the mid-term down trendline and the lower line of the descending triangle, the sentiment is negative.


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