Alpari - Analytics

Alpari

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Daily analytical report (22/08/17)

  • The American dollar is undergoing a correction today, and there aren’t any potential game changers on the calendar, so this movement is likely to last at least until tomorrow. We’re getting close to some important supports on a few instruments, indicating that this impulse on the USD may end soon.
  • GBPUSD is approaching a combination of three important supports. First of all, we have the S/R level around 1.28, which has been well respected since April. What’s more, we have the 38.2% Fibonacci and the correction equality pattern. Any bullish price action would be a good buy signal here.
  • SP500 reached the long-term upwards trend line and created a hammer on the daily chart. This should be perceived as a strong bullish sign, especially if additionally strengthened by the horizontal support at 2420 points.
  • Gold tested the 1300 USD/oz level on Friday and created an evil-looking shooting star. Despite that, the price did not fall sharply yesterday, but still was able to create another bearish pattern; head and shoulders. Still, there is no sell signal yet as we are still above the neckline. A breakout of that support is the thing that the sellers should be patiently waiting for.

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