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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