Alpari - Analytics

Alpari

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Daily analytical report: 18/01/18

  • Gold breaks the mid-term upwards trend line but the downswing stops at 1,324 USD/oz. There is a chance of a bigger reversal but the price first needs to break this support. If that happens, the next target will be around 1,300 USD/oz.
  • USDJPY created a trend reversal pattern; a head and shoulders formation on the hourly chart. Interestingly, the neckline was, at the same time, the long-term horizontal resistance at 110.9. As long as the price is above this area, sentiment is positive.
  • FTSE continues the decline started on Tuesday. The potential target for this is the 7,600 support; the upper line of the symmetric triangle pattern. A bullish formation here would be a very strong buy signal.

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