Daily analytical report (06/12/18)

Alpari Market Review
Alpari Market Review


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.

Click here to open an account at Alpari.

HotForex Security