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Daily analytical report (04/04/18)

  • First up is the USDCAD pair, where the price has created a big head and shoulders pattern. I bet that many traders saw that and were expecting a bearish breakout. That is what happened yesterday. As for now, the price is making lower lows and highs, which is a positive sign. The sell signal looks legitimate and sustainable.
  • Next is AUDJPY, where we have an inverse head and shoulders formation. The price broke the neckline yesterday along with the horizontal resistance at 81.9. The price is aiming higher and making higher highs and lows. We’re currently testing the 81.9 mark as a support. Once the buyers succeed with the bounce, we will be ready for another bullish wave.
  • CADJPY is the third one and here we have the combination of a strong CAD (from the USDCAD) and a weaker JPY ( from the AUDJPY). The price broke the mid-term downwards trend line (red), the neckline (blue), and the horizontal resistance (green) at 82.8. The sentiment is definitely positive.

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