Daily analytical report (06/11/18)

2018-11-06T14:01:15
  • EURUSD is starting this week with a well-known bullish reversal pattern – inverse head and shoulders formation. We are very close to a breakout at the horizontal neckline. Once the price closes above the blue area, we will get a proper buy signal. In addition to that, if the price closes there, it would signify a breakout of the mid-term downwards trend line (red).
  • Next up is EURNZD, which is looking very bearish in the long term. The price broke the long-term upwards trend line and is now breaking the horizontal support. In the short term that does not look any better. EURNZD is creating a rectangle, which is a trend continuation pattern and promotes a further drop. Our view is negative.
  • Oil is our third instrument, and the situation here is also bad. The price is below the horizontal resistance and 38.2% Fibo. In addition to that, we are still far from the downwards trend line. In light of all this, WTI should hit new mid-term lows pretty soon.

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