Daily analytical report (10/04/18)

  • First up is the USDCAD pair, which yesterday tested the neckline of the large head and shoulders pattern. The test was positive for sellers and the price bounced from the resistance. This confirms the mid-term sell signal on this instrument.
  • The next occasion is on the cable, which came back above the neckline and broke the upper line of the bullish wedge. It all started with the bounce on the long-term upwards trend line. The sentiment is definitely positive as all price action factors favour demand.
  • The last occasion is on the NZDUSD pair, which broke the mid-term downwards trend line and later defended this as a support. The pair is making higher lows and highs, which provides confirmation of a bull market. The potential target for this rise is around 100 pips higher from the current price.

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