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Daily analytical report (14/02/18)

  • Ahead of the CPI data from the US, we have two sell signals attached to the US dollar. The first one is direct; a sell signal on the USDJPY, while the second one is indirect; a buy signal for gold (driven mostly by the weaker USD).
  • Yesterday, USDJPY broke a super important support at 108.3 and today, the price is making lower lows and lower highs, which is confirmation of a bear market and decreases the likelihood of it being a false breakout.
  • Gold defended the 1,307 USD/oz support along with the 38.2% Fibonacci. We also broke the upper line of the wedge formation. This is all positive and creates a mid-term buying opportunity.
  • SP500 is still doing well. The major upwards trend lines and Fibonacci were defended. We are very close to forming a full V-shaped reversal, which shouldn’t come as a surprise given that American indices have done this many times before. Why should they not do it again?

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