Daily analytical report (12/04/19)

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Alpari Market Review
Alpari Market Review

SP500 managed to fully use the ascending triangle pattern and broke its upper line. The breakout gives us a buy signal. The most probable movement right now is a small reversal but the long-term sentiment remains positive.

Next one is the DAX, which is also aiming higher. Here, the price defended the 23.6% Fibonacci and broke the upper line of the wedge. In addition to that, the price made an inverse head and shoulders pattern. Today, we are trying to break the neckline and the chances of success are significant.

Next up is USDJPY and we will mention this instrument because it’s correlation with the indices is usually very high. USDJPY is also climbing up using a nice wedge formation. The upswing is very strong and already managed to break the horizontal resistance at 111.3 and the mid-term downwards trend line. With that, we have a legitimate buy signal.

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