Daily analytical report (06/02/19)

  • Last night, the head of the RBA sent AUD lower with his more dovish than expected tone. That was quite surprising, especially since after the statement given yesterday, AUD got stronger. This is important for us because AUD dragged NZD lower and we had a very interesting position on the EURNZD pair.
  • Luckily, it closed at the break even point. The reversal created a double bottom formation and the price has already broken the mid-term downwards trend line. This is a very good sign for buyers. Closing a day above the 23.6% Fibonacci would be a good signal to go long. Sellers have lost this one.
  • Our second instrument is bitcoin. While it’s not as popular as it was a year ago, this doesn’t mean that we are done with this crypto asset. In fact, we enjoy analysing it as our view is usually spot on. What we have right now is a pennant (black lines). This is a trend continuation pattern and should result in a further drop. This is happening as we speak: overnight, the price broke its lower line and set new monthly lows. Our target remains at 2,900 USD.
  • EURJPY is the next instrument in our video. Here, the price bounced from the long-term horizontal resistance at 125.8. The bounce was not random, it is a perfectly-shaped head and shoulders pattern. Sentiment is currently negative, although we do not have a clear sell signal as of yet. For that, we will have to wait for the breakout of the black line first.

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