Alpari - Analytics

Alpari

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Daily analytical report (28/08/18)

  • Gold is continuing its new bullish path. The first resistance at 23.6% has already been broken, and today was used as the closest support. The next target for this precious metal is the 38.2% Fibo, which is in line with the supports from July.
  • EURUSD has made new local highs. This week began with a breakout of one major resistance, which was the mid-term downwards trend line connecting recent lower highs. With this, the way towards the 1.174 is open, and soon we should see another test of this important resistance.
  • Despite the positive sentiment on gold and EURUSD, kiwi is showing signs of weakness. Here, we have a bearish setup, which comes from the local horizontal resistance, correction equality pattern, and the mid-term downwards trend line. We are currently below those three. What is more, the price is forming a double top pattern. This could get ugly.

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