Daily analytical report (02/11/18)

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Alpari Market Review
Alpari Market Review

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Thanks to rumours circulating that Donald Trump had asked his cabinet to draft a possible China trade deal, we have a breakout of the downwards trend line on EURJPY. As previously expected, the price created an inverse head and shoulders pattern. The neckline (orange) was already broken yesterday, so traders were anticipating a further rise. In this case, fundamentals coincided with the technicals.

NZDUSD also got an additional boost where it also fell in line with the technical analysis. The buy signal was triggered yesterday when the price finished the head and shoulders pattern and broke the long-term downwards trend line. The buy signal is ON, but watch out for a small pull-back in the near future.

Last up is oil, which is quietly going down. After the upwards trend line, we’re now breaking the horizontal support. The bears are winning this one, and they’ll continue to do so for the time being.

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