Gold tests the major resistance. EURJPY escapes from the sideways trend

forecast

Gold, after triggering a major sell signal on the 5th of December, went significantly lower but the last few days we had a bullish correction here which aimed the previously broken support. Why correction and not a reversal? Well, the upswing is shaped like a wedge so it promotes the further drop. Yesterday and today, the price tested the 38,2% Fibonacci. Those tests resulted in a bearish bounce so we may be witnessing the end of the correction and a comeback to the main trend (down).

Another one is the EURJPY, which finally escaped from the sideways trend present here since September. The price broke the major resistance yesterday and today’s candle is making higher highs and lows which is positive and adds a confirmation for the bullish movement.

The last instrument is the AUDUSD, where we do have a pennant formation after a major upswing. Pennant is a trend continuation pattern so it should result in an upswing but for a proper trading signal, we have to wait for the breakout.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox

More Forecasts

See All
Forex Trading Signals - January 12, 2018

Inflation and the GBP in Focus as the USD Steadies From Monday’s Tumble

BTC/USD daily chart, January 16, 2018

Bitcoin Price Analysis January 16, 2018, Technical Analysis

Litecoin

Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/01/18

Expand Your Knowledge

See All
bitcoin

Hate Risk and Want to Invest in Bitcoin? ETF’s, Cryptocurrency Index, and Hedge Funds Are Here to Help

IOTA The Internet of Things

What is IOTA and How Can You Buy it?

how to short bitcoin

How to Short Bitcoin – A Complete Guide

Favorites

SymbolLast PriceChange
EURUSD
EUR/USD
1.2224
-0.0042
-0.34%
GBPUSD
GBP/USD
1.3766
-0.0026
-0.19%
XAUUSD
Gold
1334.5
-6.6900
-0.5%
CL
Crude Oil
64.315
-0.3950
-0.61%
SPX
S&P 500
2800.2
+6.5000
+0.23%
DAX
DAX 30
13240.2
+24.750
+0.19%
Live Quotes

Top Promotions

Top Brokers

Don't miss a thing!

Discover what's moving the markets sign up for a daily update delivered to your inbox