Alpari - Analytics

Alpari

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Daily analytical report (27/10/17)

  • As expected, WTI oil used the ascending triangle to climb higher. Yesterday, the price broke the upper line of this formation. Today, we have a flat correction testing the 52.6 USD/bbl as the closest support. The hammer on the H1 looks promising and there’s a high chance that this will result in a further upswing.
  • The stronger USD has weighed down on gold. The precious metal fell sharply and reached the support at the 38.2% Fibonacci level of the main upwards trend. The upwards trend line and other significant supports are not far away either. The price has about a 7 USD margin here. That's the space that should be used for a bullish reversal if buyers want to keep control of this market. Any fall deeper than that could be considered a major sell signal.
  • USDMXN is testing the 38.2% Fibonacci level again. So far, this has happened with a double top formation and a shooting star on the daily candlestick, but for a legitimate trading signal, we have to wait until the end of the day.

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