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Daily analytical report (17/08/17)

  • The dovish reaction on the USD after the FOMC minutes is being almost totally wiped out as we speak. EURUSD is coming back down and DXY is climbing back above the support at 93.85. In the short term, a positive scenario is more probable, but in the long term, we’re still in a bearish flag formation, which suggests a further decline.
  • Gold climbed higher using the initial reaction to the FOMC minutes and a 23.6% Fibonacci support along with the correction equality pattern. The sentiment is positive and we should test the 1300 USD/oz soon.
  • WTI has fallen below the upwards trend line and the 38.2% Fibonacci, triggering a buy signal.
  • DAX failed to break the horizontal resistance at 12300 and the dynamic resistance created by the upper line of the wedge. The buy signal will have to wait a little bit and bulls should be patient because entering now could be a bit too risky.

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