Australia markets closed

Prices moved as expected. What’s next?

Tomasz Wiśniewski

All setups from the yesterday’s Trading Sniper video were spot on. Oil went significantly lower as expected. We anticipate a further decline. EURNZD also went down breaking the lower line of the rectangle pattern. Currently, we do have a small reversal, which can be a good occasion to open short positions with higher prices to obtain a desirable risk to reward ratio.

EURUSD also did a great job. The price broke the down trendline and the horizontal neckline, which brought us a buy signal. We later used those areas as supports, which gave us a confirmation. Currently, the price is on the highest levels since the 24th of October and we do have big chances that this movement will be continued.

AUDNZD broke the lower line of the symmetric triangle pattern. That was anticipated as we were under the influence of the big head and shoulders pattern. Potential target for this drop is around 200 pips lower, which makes it a good occasion for the long-term sellers.

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

This article was originally posted on FX Empire