Alpari - Analytics

Alpari

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Daily analytical report (19/10/17)

  • The EURUSD pair, instead of creating a head and shoulders pattern, is trying to create a bullish flag formation. We are very close to creating a buy signal there. All that's needed at this point is a breakout of the 1.184 resistance.
  • Political uncertainty in New Zealand and positive data from Australia helped the AUDNZD to surge higher. We broke the upper line of the short-term triangle and the upper line of the long-term triangle. That is extremely bullish with the first target being around 100 pips higher; around the 1.13 resistance.
  • AUDUSD is creating an inverse head and shoulders pattern, which could actually end the mid-term correction and start a new long-term bullish upswing. For a legitimate buy signal, we still need to break the neckline, which is not far above.

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