Yahoo Finance That looks like a buy for the USD!
Rate decision, statement, economic projections, press conference. That is all a history now. End of the story is that the USD got weaker and then, eventually stronger. The rise in the value of the USD is pretty mild though. I bet that most of you expected much more than that! Anyway, we do not need the enormous volatility to get technical trading signals. I am going to show You three very interesting occasions.
EURUSD broke the lower line of the rectangle and the mid-term up trendline. That is a proper sell signal. Currently, we do have a small reversal, which creates a great chance for sellers – they can open positions with higher prices.
USDCHF broke the lower line of the wedge and is currently creating an inverse head and shoulders pattern. Breakout of the neckline will give us a buy signal.
GBPUSD broke the lower line of the flag and the 23,6% Fibonacci. That is a sell signal with a potential target on the 38,2% Fibo.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
