This was not the week that brought us any game changers on the market. Only instrument that had its own milestone was oil, which broke the long-term lows. Apart from that, we got the bounce on the precious metals and continuation of the sideways trend on many FX instruments. Let us show you the best three setups on the market right now.
USD/CAD is creating a flag above the long-term dynamic support. Breakout is near. Yesterday weakness was supported by the better data from Canada. If not the low price of oil, the bearish breakout would be more than sure.
EUR/NZD tried to break the 1.544 resistance but ended up with a bearish engulfing pattern on the daily chart. That is definitely negative.
Tension on the EUR/JPY rises. Sideways trend below the lower line of the flag continues. This indicates a willingness for a breakout. As long as price is above the 123.1, that is the most probable scenario but we will find that out next week.