Daily analytical report (09/01/18)

2018-01-09T12:06:06
  • Short-term positive sentiment on the US dollar continues. EURUSD is having a torrid time after buyers failed to break the 1.2080 resistance. The candlestick from the last week formed a pin bar, which could potentially be a very negative sign, especially since traders are following this signal this week and the new weekly candlestick is so far making lower lows and highs.
  • GBP/USD is doing a bit better because here, the price is locked inside a pennant formation, which is still bullish. We’re currently aiming to test the lower line of this pattern.
  • DXY reverses after a major sell signal, which we received at the end of the year. The reversal is not a surprise. It is a typical movement after the breakout of a support. Now, we are testing it as the closest resistance. This creates a good situation for short-term buyers, but in the longer term, the sentiment on USD is still negative.

 

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