XAU/USD forms minor symmetrical triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 52% 51% 1.92%
Shorts 48% 49% -2.08%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The second half of previous trading session the exchange rate spent in horizontal movement. A release of better than expected US consumer sentiment data pushed it to the bottom, while another launch of ICBM by North Korea gave a reason to continue the surge.  

Technically, the southern side was protected by the 55- and 100-hour SMAs that are lying along the lower support line of the rising wedge formation, while the northern side contained the weekly and monthly R1. 

Although the pair has formed a minor symmetrical triangle, the pair is still expected to make a breakout to top. This assumption is based on market sentiment, which is 52% bullish as well as dominance of the larger pattern. However, there is a need to notice that release of the US Prelim GDP can lead to short-term strengthening of the buck.

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