Alpari - Analytics


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Daily analytical report (01/02/19)


  • Today we will have the NFP report along with other employment data from the US. The thing is that nobody knows what to expect. Yes, we do have a number in mind, but nobody knows what impact the government shutdown had. Anyway, today should be fun.
  • Ahead of this number, GBPUSD is in a short-term pennant formation (blue lines). The pennant is a trend continuation pattern, so in theory, this should result in an upwards breakout. As long as we remain inside of this pattern, it’s too early to trade, but for now, buyers can be optimistic.
  • The next setup can be found on USDJPY. Here, at the beginning of the week, the price broke the mid-term upwards trend line (blue), which was supporting the local correction. A few days ago, USDJPY managed to break another support (orange line). Today, the pair is aiming higher, ready to test the second support as the closest resistance. As long, as we stay below the orange line, the sentiment is negative.
  • Now for something more exotic. Actually, I think this could be the strongest setup here. Yesterday, EURCAD managed to break the horizontal support made by the lower line of the descending triangle pattern. Today, we are testing this support as a resistance. Two hourly candlesticks are quite negative and their long wicks are promoting a further drop. That is a very promising bearish situation.

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