Daily analytical report (02/05/17)

Daily analytical report (02/05/17)

      • We're back from the long weekend again and markets aren't moving much. EURUSD is stuck in a sideways trend but luckily we have other instruments that can provide some attraction.
      • Gold broke an important mid-term support and is heading lower to test the long-term trendline. Maybe this is not the best situation for buyers but the positive scenario is still alive (as long as we stay above the trendline). The closest resistance is 1262 USD/oz.
      • Today, we will additionally be focusing on two exotic instruments. The first one is EURAUD, and here, on the daily chart, we have a nice bearish setup. The price met the horizontal resistance and created two shooting stars followed by a bearish marubozu. This is definitely a negative environment even though today the price is climbing a little bit higher.
      • USDPLN is only 200 pips away from making the same bearish wave for the 3rd time. Obviously, it could be much longer but it would be nice to see some bullish price action here, because it would create a very strong technical buy signal.

      Source: Alpari

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