Australia Markets open in 2 hrs 3 mins

Bullish Power on the EURUSD, AUDNZD and AUDUSD

Tomasz Wiśniewski

EURUSD instead of creating the Head and Shoulder pattern is rather aiming for the bullish flag formation. We are very close to creating a buy signal there. All is needed at this point is the breakout of the 1.184 resistance.

Political uncertainty and better data from Australia helped the AUDNZD to surge higher. We broke the upper line of the short-term triangle and the upper line of the long-term triangle. That is extremely bullish with the first target being around 100 pips higher around the 1.13 resistance.

AUDUSD is creating an inverse head and shoulders pattern, which actually can end the mid-term correction and start the new long-term bullish upswing. For the legitimate buy signal, we still need to break the neckline, which is not far above.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

More From FXEMPIRE: