Trading on the market recently is pretty tough. The price is not moving in trends, often changes direction and creates many false breakouts. Well, false breakouts can be great occasions too and actually that is, what we will focus on in this analysis. The first instrument is the EUR/USD, where the false breakout happened quite some time ago, at the beginning of March. After this, the price went significantly higher and is currently aiming the mid-term down trendline. That could be a good occasion for the buyers to capture some profits, which may trigger a bearish correction. Next one is the AUD/JPY, where we have a false breakout of the horizontal support and from the head and shoulders pattern. That opens a new upswing. This view is additionally strengthened by the wedge pattern. All we need to see for a proper buy signal is the price closing above the upper line of the wedge. Next one is the AUD/USD, where the false breakout is still fresh. The price tried to escape from the flag to the downside but failed. In addition to that, sellers could not break the 0.707 support. That is a positive sign but the legitimate buy signal will be triggered, when the price will break the black down trendline.
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Trading Opportunities From Three False Breakouts
Published 03/20/2019, 04:33 AM
Trading Opportunities From Three False Breakouts
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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.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
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