Today is Memorial Day in the US and a Spring Bank Holiday in the UK which means the markets should be relatively quiet and we shouldn’t expect any rapid movements or major changes on most instruments. We will try to adjust to the current situation and in today’s analysis and show you three instruments that are still waiting for a proper trading signal.
First, we need to quickly update you about the situation on the EUR/USD which we mentioned at the end of the last week. The price moved downwards as we had expected. Today we saw a breakout attempt of the 1.088 support level. If the price closes the day below this line it’s considered a sell signal targeting the lower line of the triangle.
The next pair is the NZD/USD which is still in a sideways trend, so a big rectangle pattern. Most recently, we had an upswing aiming for the upper line of the rectangle and after that – a correction. The correction is shaped like a flag, so it’s promoting a breakout of its upper line and another test of the 0.616 level.
We’ll finish with the USD/CHF where the price is also in a sideways trend and in a rectangle pattern but at the same time it’s in a bigger symmetric triangle pattern – yeah, I know, you’ve got to love technical analysis. For now, the price is bouncing from the upper line of the triangle, which may be a great occasion for short-term sellers. Buyers should watch this movement carefully. In case the price reverses and breaks the upper line of the triangle then we could get a buy signal. So far it seems like the second option is less likely to happen.
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These 3 Currency Pairs Are Still Locked Inside Symmetric Triangles
Published 05/25/2020, 07:13 AM
Updated 01/03/2021, 09:10 AM
These 3 Currency Pairs Are Still Locked Inside Symmetric Triangles
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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