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Daily analytical report (27/07/17)

  • FOMC was perceived to be dovish by traders around the world, which is why we’re seeing a comeback to the main trends. So, we have a weaker dollar, stronger EM, and higher stocks and commodities.
  • Gold climbed back above the 1258 USD/oz resistance. This will now be the closest support. That breakout creates a nice buying opportunity with the desired high risk-to-reward ratio. The potential target for this movement lies slightly below 1300 USD/oz.
  • NZDJPY is a good one for long-term position carry traders. Once the weekly candle closes above the neck line, we’ll have a great buying opportunity. The huge inverse head and shoulders pattern could lift the price hundreds of pips higher, with the added bonus of giving you some positive swaps.
  • USDCNH – this one is slightly against the weak dollar trend. Here, a buy signal is emerging. The price is bouncing off the long-term support, creating a hammer on the daily chart. In addition to that, we’re caught in a wedge formation, which promotes an upswing. All that together increases the chances of bullish movement.

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