Alpari - Analytics


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Daily analytical report (30/04/19)

  • Today’s calendar is pretty busy, so we’ll definitely have some interesting figures to look at. So far they are not encouraging. PMIs from China and a few readings from the Eurozone fell short of expectations. Despite the calendar being packed, the market has its own ideas and is continuing the global correction of the US dollar, which is the currency we will focus on today.
  • First the DXY, i.e. the US dollar index. Here, the price was playing the ascending triangle pattern scenario. DXY broke the upper, horizontal resistance of this formation and went higher. Most recently, the price was testing the broken resistance as a support, but instead of a bounce, we are back inside the triangle. That creates a very dangerous situation for buyers; a false breakout pattern. If we close the day back inside of the triangle, a sell signal will be activated.
  • Next up is USDCHF, where we are still positive in the long-term but we the short-term situation looks bearish. Finally, after a few pessimistic candles in a row, the price is ready for a bearish correction to test two broken resistances as supports. That is a very technical movement and should create a great opportunity for short-term sellers.
  • The last instrument is the GBPUSD pair, where the price is aiming the combination of the dynamic and horizontal resistance. This is a typical price action movement and should result with a great selling opportunity. A sell signal will be created when the pair draws a bearish pattern on those two resistances. In case of a breakout, the sell signal will evaporate very quickly.

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