Daily analytical report (04/07/18)

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Alpari Market Review
Alpari Market Review

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We start this video with a very nice setup on the USDJPY pair, where we have a false breakout around the long-term horizontal and dynamic resistances. We also created a double top formation and broke the mid-term upwards trend line. You have to admit that there are many bearish factors at play going on at the same time. That is a good sell signal.

The AUDUSD pair attempted a triple bottom formation with a strong divergence on the MACD. Today, we made an attempt at breaking the neckline of this formation, but it could be false, which could be an additional bearish factor here, pushing the price lower.

Gold is trying a reversal. Here, we have a bullish engulfing pattern on the daily chart, which can additionally help to create a hammer on the W1 timeframe. All of this is happening on an important long-term horizontal support at 50% Fiboancci.

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