Alpari - Analytics

Alpari

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Daily analytical report (06/10/17)

  • An hour before the NFP report, USD is a bit weaker and is erasing some of its latest gains.
  • A triple bottom could be forming on the EURUSD pair, which could actually end the bearish correction here. The price is defending the 23.6% Fibo and today we should see some demand at this important support.
  • USDMXN had two options. One of them was a bullish breakout of the upper line of the ascending triangle formation and the second one was a breakout of the neckline and a sell signal. The price chose the first option, which has triggered a buy signal on the instrument. Although the sentiment here is positive, we have to watch out for a bearish reversal, which could test the latest resistance as the closest support.
  • A potentially nice reversal is emerging on the AUDUSD, where the price is creating a hammer on the daily chart on the very important horizontal support. All we need for a buy signal here are worse-than-expected payrolls and an upswing which will help to keep a hammer alive.

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