Alpari - Analytics

Alpari

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Daily analytical report (11/08/17)

  • USD is looking weak ahead of the CPI data. The rest of the market is still under the influence of tensions mounting in the Korean Peninsula. Risk-OFF mode is still with us with stocks heading lower and safe havens like gold and CHF climbing higher.
  • EURUSD bounced off the long-term upwards trend line thorugh two hammers on the D1 chart. We also used the tops from 2015 as a local support. Not to mention we have a nice, technical wedge. That makes the sentiment positive.
  • EURAUD has broken the upper line of the bullish wedge and is aiming north. A breakout was expected as before this, the price consolidated below the resistance. A hint for price action traders: when you see such movements, the chances of a breakout increase significantly.
  • Gold broke the line connecting long-term lower highs. 1300 USD/oz is the closest target right now.

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Number of comments: 1
  • Eric.milner
    • #

    As political risks rise, investors actively go into safe haven assets, such as gold. Sometimes even the slowdown of the Chinese economy and the collapse of the many commodities prices cause not a drop, but an increase of gold prices.