Alpari - Analytics

Alpari

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Daily analytical report (26/04/19)

  • Gold is an example of a potential reversal. The price created a double bottom formation and is now trying to break the neckline of this pattern. What is great here is that this neckline also the neckline of the much bigger head and shoulders formation and is in the same area as the lower line of the symmetrical triangle. Those two were previously strong supports and are now playing the role of a crucial resistance. Closing the week above the blue and black lines will give us a proper buy signal.
  • USDCHF has stopped surging and seems ready for a bearish correction. The target for the correction is on the green and black lines - horizontal and dynamic supports respectively. Sentiment here is still ultra-positive.
  • Last instrument is NZDCAD, where the price is creating a strong bullish weekly candle – hammer. This candle is being drawn on the neckline of the double top formation, which may stop the bearish plan, at least for a while. The sentiment is still negative but a major sell signal won’t be triggered until we et a breakout of the lows of the hammer candle. As long as we are above, a bullish correction is the most favourable scenario.

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