Gold finally broke the 50% Fibonacci around the 1282 USD/oz, which was a strong resistance since the 23rd of October. After that, the price defended it as the closest support and made new mid-term highs. According to the price action principles that should trigger a buy signal on this instrument.
USDMXN is forming a symmetric triangle right below a very important long-term resistance. Triangles are always good trading opportunities but signals are created only after the breakout of the support or the resistance. So now we have to patiently wait…
A similar situation is present on the USDCHF. Here we do have both: symmetric triangle and the rectangle pattern. Breakout from the triangle alone should not be significant enough to open a position. It would be better to wait for the breakout of one of the horizontal orange areas.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
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