Daily analytical report (05/04/19)

  • Last week, NZDCAD created a beautiful bearish engulfing pattern. This formation was additionally strengthened by the false breakout above the horizontal dynamic resistance. This week was all about the confirmation of that long-term sell signal and it looks like (as the day hasn’t finished yet) sellers have done a great job as we are about to close this week on new lows. That kind of price action can be considered as bearish and that is our outlook on this instrument.
  • Next up is gold, which finally reached our target; the neckline of the head and shoulders pattern. Contact was positive for sellers as the price drew a nice hammer on the daily chart. As long as we stay above the neckline, there is no sell signal. In fact, with yesterday’s bounce, we can say that the sentiment is bullish.
  • Last is the USDCHF pair, where we have a very nice bearish setup. It’s very much a setup, though, and not a signal! For a signal, we need to see a breakout of the lower line of the flag. What is interesting here is that the price is approaching a combination of 4 crucial resistances. If that is not a good place for a bounce then I do not know where is.

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