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Daily analytical report (13/02/19)

  • As anticipated in yesterday’s analysis, EURUSD made a reversal, only the scale of the rise was slightly beyond our expectations. The pair climbed significantly higher and on the daily chart, managing to form a very strong bullish candlestick pattern, namely a bullish engulfing. The appearance of this formation here is not random. We’ve managed to go back above the two horizontal supports and inside the symmetric triangle pattern. This is actually a false breakout too and can be considered as a strong buy signal.
  • Our second instrument is AUDCAD, where we can see a very clean bearish setup. The pair is in a downtrend, which started with a Head and Shoulders pattern. After this, we had a rectangle, and now we have a pennant. This is a trend continuation pattern, so it should result in a further drop. Sentiment is negative as long as we stay below the yellow resistance.
  • Last up is gold, where we are still waiting for the price to break the 1,315 USD/oz resistance. That should give us a buy signal, which will be based on the activation of the inverse Head and Shoulders pattern bouncing from the crucial support at 1,307 USD/oz. There’s a pretty good chance that this will happen.

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