Alpari - Analytics

Alpari

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Daily analytical report (17/10/17)

  • USDMXN. We can see the first signs of the exhaustion here. After breaking the upper line of the triangle, the price surged higher. Now we are approaching the 38.2% Fibonacci where we may see some profit taking action from buyers. That resistance is additionally strengthened by the highs from March, April and May.
  • EURJPY is very close to triggering a major sell signal after the price broke the upwards trend line and increased the pressure on the 131.85 support. A breakout here should increase the odds of a further drop.
  • USDCAD is ignoring a great sell opportunity caused by the head and shoulders pattern and is heading higher to test the downwards trend line and the upper line of the recent sideways trend. Patience wins the day here and we should wait for the breakout before opening a position.

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