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Daily analytical report (12/02/19)

Tomasz Wisniewski
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  • Gold is doing everything it can to defend the 1,307 USD/oz support. It’s doing quite well, and this is happening at a time when the US dollar is particularly strong, so it’s working against a very important correlation. The latest technical formation here is the inverse Head and Shoulders pattern. If the price closes above the mid-term horizontal resistance at 1,315 USD/oz and the neckline (purple), it will be a strong signal to go long.
  • Our next instrument is the EURUSD pair, where the aforementioned strength of USD is apparent. We’ve now had 6 bearish days in a row! Monday was especially important here as the price broke the lower line of the symmetrical triangle pattern. This has triggered a mid-term sell signal. We could see a small bullish correction in the short term, but overall, the situation doesn’t look good for the bulls.
  • The last instrument is USDJPY, which is in a flag or an upwards channel formation if you will. Most recently, we had a beautiful ascending triangle pattern, which gave us a proper buy signal. The situation here is the opposite to that of the EURUSD pair. There’s a chance here of a short-term drop, but the long-term sentiment remains positive with the target on the upper boundary of the upwards channel formation.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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