Pairs with yen going sideways inside of the triangles [Video]
|In today’s Traders Edge Market Briefing, Tomasz found these unique setups that we thought you’d find interesting.
Gold continues the decline towards the 1680 USD/oz support.
Brent oil reaches a new low on the 100 USD/bbl. Reaching this level can bring us a small bullish correction but in the long-term, oil looks rather bearish.
NZDUSD is not really moved by the RBNZ decision. We’re still close to the long-term lows.
EURUSD stays close to parity. Selling pressure remains high.
USDJPY bounces off the 136.7 support. A positive sentiment remains.
A very interesting setup is currently happening on 5 instruments: GBPJPY, GBPNZD, GBPAUD, AUDJPY and CADJPY. Here, we are inside of the long-term symmetric triangle pattern. In order to get a proper signal, we need to wait for a breakout. A breakout to the upside will give us a signal to buy, and a breakout to the downside will give us a signal to sell. We have to be patient and wait for the market to show us the direction.
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