Daily analytical report (06/07/18)

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Alpari Market Review
Alpari Market Review

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EURAUD is a few steps away from a major sell signal. Here are all the bearish elements at play: head & shoulders on the daily and hourly charts, breakout and bounce from the upwards trend line and the lower line of the flag. For a proper sell signal, we need to see a breakout of the neckline.

EURJPY looked very bullish…till yesterday. Now, we are very close to receiving a false breakout pattern, which may result in a stronger drop.

The end of this week is especially important for gold, as we have a chance of a hammer candle on the weekly chart. In addition to that, we have a bullish engulfing on the D1 and a potential inverse head & shoulders pattern on the H4. For the hammer and iH&S to work out, we need to see the price making new weekly highs.

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