Alpari - Analytics

Alpari

748.25 6.25/10
72% of positive reviews
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Daily analytical report (17/11/17)

  • WTI oil respected the long-term support created by the highs from the end of 2016 and the first half of 2017 (grey area, 55.1 USD/bbl). This level coincided with the upper boundary of the upwards channel. The price tested that area for two days but buyers finally managed to put an end to the short-term sideways trend and pulled the price higher. This has created a buy signal.
  • USDMXN provides a great example of a false breakout pattern. After buyers were unable to hold the price above the 38.2% Fibonacci, the price went significantly lower. Current sentiment is negative.
  • USDJPY has made a head and shoulders pattern. The price broke the neckline and then tested it as the closest resistance. This test was positive for sellers because the price bounced and made new mid-term lows. From a price action point of view, this is a very strong sell signal.


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