USD Is Gaining Traction - Three Good Setups

Published 07/27/2018, 04:42 AM
USD/JPY
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XAU/USD
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XAG/USD
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GC
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SI
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Friday's calendar is not very busy but we do have one data which will be important for all traders on the market: GDP from US. With this one in the calendar, you need to be extra careful with opening any positions on the USD. But if you like a bit of emotions in trading, we do have three good setups with the USD, where trading signals are already present or very close.

The first instrument is the USD/JPY, where the price is trying to bounce from the combination of the mid-term up trendline and the long-term upper line of the triangle pattern. All recent candles have long tails and the price is trying to create an inverse head and shoulder pattern, which is giving high chances for a bullish success. Breakout of the green resistance will be a buy signal.

Silver already has the sell signal. The price bounced from the horizontal resistance and broke the lower line of the flag. After a small overnight correction, we do have a further downswing.

The situation is similar on Gold. Instead of a flag, we do have a wedge. Rest is the same, small correction and a following drop. Signal to open short position is ON.

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