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Daily analytical report (06/12/18)

  • There's another gap on DAX, this time it's bearish. We start Thursday on the important mid-term horizontal support, which may help to lift the price higher. Why? Because that would be a gap closing movement, and we all know that gaps love to be closed, especially on the DAX. Sentiment in the long-term remains negative, but in the short-term, we can see the light at the end of the tunnel.
  • Next up is gold, where buyers again tried to break the 38.2%, and again they were unsuccessful. That is potentially very dangerous. A double top formation at 38.2% is never good. A breakout of the neckline of this pattern will give us a strong sell signal.
  • Lastly we have USDJPY, where the price bounced from the lower line of the symmetrical triangle pattern. That is a positive sign, especially as it was done with a double bottom formation, which has good looking long tails. If you are not convinced yet, wait for the breakout of the blue horizontal resistance first.

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