Daily analytical report (09/11/17)

2017-11-09T15:30:43
  • Gold finally broke the 50% Fibonacci around the 1,282 USD/oz mark, which has been a strong resistance since the 23rd of October. After that, the price defended it as a closest support and made new mid-term highs. According to price action principles, this should trigger a buy signal.
  • USDMXN is forming a symmetrical triangle right below a very important long-term resistance. Triangles always provide good trading opportunities but signals are created only after the breakout of the support or the resistance. So, we’ll have to be patient for now...
  • A similar situation is present on the USDCHF. Here we have both a symmetrical triangle and a rectangular pattern. A breakout from the triangle alone wouldn’t be significant enough to warrant opening a position. It would be better to wait for a breakout of one of the horizontal orange areas.

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