Alpari - Analytics

Alpari

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Daily analytical report (03/08/17)

  • Today, all eyes were on the Bank of England, but traders who prefer more technical setups, without interference from the fundamentals, should look at the following occasions. Today we have EUR, AUD and the JPY in three different combinations.
  • First up is EURAUD, where EUR is much stronger, and after breaking the 1.476 resistance, the way is open for hitting new local highs. This breakout increased momentum and now allows for a breakout of the upper line of the flag formation, which could be a very positive sign.
  • Our next pair is the the EURJPY, which is undergoing a correction after a bullish breakout from the ascending triangle. We still have the potential to go lower in the short-term as the recent resistance has not yet been tested as a support.
  • AUDJPY has created two shooting stars in a row on the weekly chart. It also happened on a very important resistance. According to almost every book about technical analysis, this should be perceived as an extremely bearish sign, in which case, we have no grounds for thinking otherwise.

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