Yahoo Finance First signs of a correction on the USD
First cracks start to appear on the anti USD trend. The biggest correction can be so far seen on the NZDUSD. The price is approaching a combination of three important supports and that actually creates a good occasion for the bulls, to buy this pair with the better (lower) price. What are those supports? First one is the horizontal one on the 0.705. The second one is the long-term up trendline and the third one is a correction equality pattern.
EURUSD also stopped the upswing for a while. Place, where that happened, is not random. The rise paused exactly on the resistance created by the highs from September 2017 and yearly lows from 2012. That can be potentially a strong resistance here.
GBPUSD was discussed by us yesterday and he said that the pair should climb higher. That is exactly what happened. We don’t usually look at the smaller timeframes but this time we will make an exception for the beautiful small ascending triangle pattern. The price tries to break the upper line of this formation as we speak so the chances for another bullish upswing are rising significantly.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
