Daily analytical report (09/10/18)

2018-10-09T13:51:17
  • EURUSD is starting this week out on the back foot, as USD has once again strengthened. Monday trading resulted in a bearish breakout from the flag pattern, and today the price hit a lower high. Currently, on the chart we have a descending triangle pattern, which promotes a further drop.
  • S&P500 is in bearish correction mode, but yesterday the index met a very important support and this decline may be over. Especially since the price bounced from that level creating a daily hammer candle and the V-shape reversal on the smaller timeframe. Sentiment will remain positive as long as we stay above the combination of 2,870 and the upwards trend line.
  • Gold bounced from the lower line of the symmetrical triangle pattern, which confirms this line as a closest support. After this, the next target should be the upper line of this pattern, but buyers are very weak here and a further drop is slightly more probable. Especially with the stronger dollar.

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