In today's Traders Edge Market Briefing, Tomasz found those amazing setups we thought you'd find interesting!
Indices are going lower sharply. Yesterday's correction does not look so innocent anymore.
Nasdaq drops after creating a sweet head and shoulders pattern.
DAX breaks the lower line of the flag also driven by the head and shoulders formation.
FTSE tests crucial horizontal support.
EURUSD with a very similar situation. A head and shoulders pattern is also in play.
AUDUSD with a sharp drop. Everything started with a false bullish breakout.
EURAUD tests the upper line of the long-term range. Maybe we will finally have a breakout?.
EURCHF breaks the lower line of the pennant and important horizontal support.
Dollar Index breaks the neckline of the inverse head and shoulders formation. That looks bullish.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.