Daily analytical report (10/07/18)

Tomasz Wiśniewski

Chief analyst at Alpari Research & Analysis
  • The correction on gold was not the deepest on record. The price managed to use the weekly hammer for an upswing but it was not spectacular. Yesterday's candlestick formed a shooting star and prices came back below the 1260 USD/oz support and broke the lower line of the wedge. These are all bearish signs.
  • NZDUSD made a 170-pip bullish correction, which was initiated by the inverse head and shoulders formation. It managed to reach the 23.6% resistance and it seems that it will stop here. A breakout of the green area would be a great sell signal, strengthened by the double top formation. The lower line of the correction has already been broken.
  • NZDCHF is also giving us some bearish hints. A bit premature I would say as the ultimate resistance is a bit higher – on the 2 Fibos and correction equality pattern. A sell signal will be triggered once the price breaks the lower black line.

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