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Daily analytical report (22/11/17)

2017-11-22T15:24:17

22 November

The negative sentiment was avoided on the EURUSD yesterday. The price came back above 1.1730 before breaking the upper line of the flag formation. This, on the contrary, triggers a buy signal. The risk of another false breakout is high, though, as the bearish reversal during the European session is quite significant.
Yesterday, we said this about WTI: “Oil is still above the 55.10 USD/oz and the buy signal is still with us. As long as we stay above this area, buyers have higher chances of mid-term success.” Nothing changes here apart from the fact that today; we are over 1 USD higher than yesterday.
AUDCAD has a great long-term bearish setup. The price broke the long-term upwards trend line and the mid-term horizontal support. The second one has already been used twice as a closest resistance. This is definitely a strong bearish sign which opens up the way for new yearly lows.