Alpari - Analytics

Alpari

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Daily analytical report (07/11/17)

  • EURUSD continues to trade in a very technical way. After bouncing from the neckline and breaking the lower line of the flag, the price continues to decline. Today, we managed to make new mid-term lows and it doesn’t look like we’re going to stop anytime soon.
  • Gold used the ultra-important mid-term support (green area) for a bounce. Buyers even managed to break the mid-term downwards trend line (red) but they stopped at the 50% Fibonacci level. As long as we stay above the red line, sentiment is positive, but a buy signal will be triggered once we break the upper green area (50% Fibo).
  • NZDSGD is moving very technically. The situation here is similar to that on the EURUSD pair. We broke an important long-term support and now we are testing it as a resistance. The only difference is that it is not a neckline and the reversal movement here is locked inside a wedge, not a flag. A breakout of the lower line of this formation should trigger a sell signal.


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