Daily analytical report (13/11/18)

Alpari Market Review
Alpari Market Review


EURUSD broke the horizontal support at 1.13 and went lower. From the technical point of view, the main trigger here is the breakout of the lower line of the flag pattern (green). Currently, the price is bouncing from the long-term neckline of the giant H&S formation. That could be a good occasion for a bullish correction, which could test 1.13 as a fresh resistance.

WTI oil is completely out of the bulls’ control. The price hit new mid-term lows, driven mostly by a tweet from Donald Trump, which said that OPEC should not cut production and that the price should be much lower and based only on supply. A stronger USD is definitely not helping the situation here either.

Gold is also suffering from a stronger greenback. The price broke the support at 23.6% and is aiming at the lower line of the flag. This negative setup is promoting the breakout of that support and a proper mid-term sell signal. Currently, buyers are deep in defense mode.


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