Pairs with yen going sideways inside of the triangles [Video]

Tomasz Wisniewski Axiory Global Ltd.

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.

Author

Tomasz Wisniewski

Axiory Global Ltd.

Tomasz was born in Warsaw, Poland on 25th October, 1985.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.