Daily analytical report (08/08/17)

Tomasz Wiśniewski

Chief analyst at Alpari Research & Analysis
  • Did Friday’s NFP start a new trend of a stronger USD or was that just a small correction of the recent trend? We will look for some potential hints on three major instruments: gold, EURUSD and the US dollar index.
  • First is gold, which has been more bearish in the short term as we had a smaller flag after the heavy drop on Friday, which was suggesting a further decline. Instead of that, the smaller flag was denied and the price bounced off the long-term support on the 1258 USD/oz. Currently we are below the resistance of the much bigger flag (bullish) with high chances of a breakout.
  • The next instrument is EURUSD, which, on the other hand, will still be bearish as long as the price stays below 1.1825, which is the closest resistance.
  • Last up is the US dollar index, which after NFP, managed to break two important down trend-lines and stopped right below the last one. So far, it looks like this stop is not really a stop, but a pause, and traders should come back to the buying option soon. The price is locked in a small wedge, where the chances of an upswing are bigger than for a drop.

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