Alpari - Analytics

Alpari

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Daily analytical report (05/09/18)

  • EURUSD tested the 1.153 support! That is a crucial line for the long-term situation on the chart (neckline of the huge H&S formation). The test was positive for buyers as the price bounced and went 80 pips higher, creating a long tail on the daily candle. This optimism does not remain today as the price is about to test this support again. If the price closes a day below that level it will be very negative.
  • USDCAD has a beautiful buy signal. The price bounced from the upper line of the wedge formation and went higher. After this, we got a bullish flag formation. Most recently, we broke the upper line of this pattern. In addition to that, yesterday, the daily candle broke the horizontal resistance at 1.317 – that is a strong buy signal.
  • GBPJPY is continuing the downswing after the price bounced from four important resistances. That is a very strong sell signal. Yesterday, buyers tried a small reversal but the beginning of the day is bringing us a decisive drop. No hope is left.


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