Markets

Three Great Trading Setups: One Rectangle and Two Triangles

Overnight, we received data important for the AUD. CPI came slightly worse than expectations, which caused a weakness of the Australian Dollar. On the EURAUD it did not come in a random place. The price again bounced from the support on the 1.571. We are still locked inside of the sideways trend, waiting for a breakout.

NZDCAD is also in a sideways trend, in a symmetric triangle pattern to be precise. It is a very interesting occasion because this pair loves directional movements so most probably, a breakout will be a great trading opportunity

USDJPY is still above the combination of crucial supports: long-term down trendline and mid-term up trendline. We also do have a short-term horizontal support here. As long as we stay above the lower pink area, the sentiment is positive. In the same time, we do have a triangle here so the breakout of its upper line will be a long-term buy signal.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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