Correction Time
Alpari Research & Analysis | Apr 26, 2017 07:37AM ET
It looks like the market has finally decided to correct those huge movements that we found out on the charts after the weekend. EUR is going down and indexes are also red. It is absolutely normal and it is a bit too early to say that the optimism is gone entirely.
Gold after few days of decline found and important support created by the mid-term up trendline and a horizontal level (1262 USD/oz). We can see a bullish reaction there so we can assume that this small bounce (for now) can lead us to a bigger correction.
AUD/NZD is continuing the upswing triggered by the bullish breakout from the flag formation. Daily candle after the breakout has higher highs and lows which increases the chances of a success. The price being above the neckline and a long-term down trendline is also very positive here.
GBP/CAD went to the exact place that was expected by us. The resistance is created by tops from August and September. First reaction is a bounce. Traders are taking profits after the 800 pips upswing that happened after we got out of the wedge formation. Sentiment is very positive.
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