Alpari - Analytics


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Daily analytical report (24/10/17)

  • We’ve got three different asset classes for you to look at today.
  • We’ll start with cryptocurrency, meaning bitcoin against USD. We can see that the price broke below the 5770 USD support (grey), which opens the way to the mid-term upwards trend line (black). Even with that, the main sentiment remains bullish as we are still in a wedge formation (purple), which is promoting a further upswing.
  • USDCAD is moving higher after triggering a buy signal at the end of last week. Currently, the price has stopped around the resistance created by the top from the end of August but it is definitely not the end of the bullish potential here.
  • DAX is moving sideways; locked inside the pennant (blue lines). This flat correction is actually the biggest achievement of sellers since the end of August. That just shows how weak they are at the moment and gives higher odds for the continuation of the upwards trend.

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