Alpari - Analytics


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Daily analytical report (21/06/17)

  • Wednesday brings us a small correction on the USD. The day is rather calm and the focus is shifting towards oil and global indices.
  • The cable is defending a very important support on the 1.265. At the same time, the price is bouncing off the lower line of the wedge formation. Both of these factors are positive and increase the chances of a movement to the upper line of the wedge; 200 pips higher.
  • USDCAD has created a pennant above the long-term upwards trend line (lower line of the flag). Usually, this is bearish, but sellers are hesitant. As long as we stay below the 38,2% Fibonacci (and Fibos here are respected), there still is a chance of a major drop.
  • USDMXN has touched a long-term horizontal resistance (which was a major support for a long time) and created a shooting star on the daily chart (so far). This shows that the supply is there and ready to fight. This is usually a sell signal but we have to wait till the end of the day for confirmation.

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