Daily analytical report (06/06/18)

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Alpari Market Review
Alpari Market Review

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AUDUSD made a beautiful price action movement as it broke the horizontal resistance and then tested that as a support, forming a hammer candlestick. No surprise that after this, the price surged. Now, we are below the long-term downwards trend line and are waiting for either a breakout or a bounce.

GBPCAD broke the neckline of the inverse head and shoulder formation and tested that as a support. The first test was positive for the buyers and the price went significantly higher. Sentiment is positive here and the buy signal is definitely on.

GBPJPY has a few resistance levels in its path, which could cause the price to go back to a downtrend. Despite the possibility of having a negative effect on the price, the first two levels were broken with ease. We are now aiming for the mid-term downwards trend line and the long-term upwards trend line. This situation is most suited for patient traders and is similar to that of the AUDUSD. We are waiting for either a bounce or a breakout.

 

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