Daily analytical report (22/05/18)

  • The mid-term positive sentiment for the USD is over, now it’s time for some reversals. One of the best setups can be seen on the EURUSD pair, where the price is bouncing from the 38.2% Fibonacci, creating a daily hammer and an inverse head and shoulders pattern on the H1 chart. Sometimes you wait for this kind of setup for ages...
  • Next up is gold, which looks even stronger. Here, we have a false breakout below the trend line and a horizontal support along with a daily hammer and a breakout of the horizontal resistance. Demand for this commodity looks really strong!
  • Last, but not least, is the AUDUSD pair, which has formed an inverse head and shoulders pattern at the long-term horizontal support. We’ve already broken the neckline and tested that as a support. From a technical point of view, everything is ready for a further rise.

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