Alpari - Analytics

Alpari

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Daily analytical report (13/10/17)

  • CPI and retail sales; these are two statistics that the market currently awaiting. We’ll learn about these soon enough, but first, let’s look at some potential trading opportunities.
  • Gold is producing a possibly very strong bearish reversal pattern. We are about to make a double top formation on a resistance combined of 3 crucial Fibonacci retracements. On the daily chart, this double top takes the form of two shooting stars. All we need for a sell signal is a breakout of the 1,290 USD/oz support.
  • DAX is about to make new highs but first needs to exit the tight range of 13000 to 12900 points. Buying pressure is increasing, so a bullish breakout is more likely to happen.
  • GBPJPY had a rough day yesterday. From heaven to hell and back to heaven. Sentiment is again positive. We defended the 38.2% Fibonacci, we still have flag, and we are above the crucial support of 147.5. Yesterday’s candlestick has formed a beautiful hammer. This is all bullish.

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