🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

USD/RUB Buy Signal Is On

Published 05/07/2019, 01:59 AM
AUD/USD
-
NZD/USD
-
NZD/CAD
-
USD/RUB
-

The story of the day on Tuesday is definitely the RBA not cutting the cash rate in Australia. They put that decision on hold, despite the consensus being the rate cut. That helped the AUD a lot and now, the currency is climbing much higher. Usually, when AUD jumps, we have a similar movement on the NZD. This time is a bit different. NZD is not following this path. Actually, on NZD/CAD we do see a very good, long-term sell signal.

NZD/CAD is one of my favourite pairs in the group of trading occasions for weeks or even months. Here, we are going down driven by the bearish engulfing on the weekly chart along with the double top formation and the false breakout above the down trendline. About the double top formation, we most recently broke the neckline of this pattern and tested that as the closest resistance. That takes away all the arguments from the bulls and opens us a way towards the lows from October. That gives us an opportunity for 550 pips trade. Sweet, isn’t it?

Next one is Gold, which is using this risk-off mode on the market that we see right now. The price is making a double bottom formation at the end of a wedge pattern. That can be a good start for an upswing. The buy signal will be triggered when the price will close above the upper red line.

A very similar setup can be found on the USD/RUB. Actually here, you have an example, what can or should happen to gold in the future. USD/RUB already broke the upper line of the wedge, using the double bottom formation. The buy signal is ON and we should see a further rise.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
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.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.