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SP500 defends the support. EURUSD waits for a trigger

Tomasz Wiśniewski

EURUSD still cannot decide if they want to go up or down. The major neckline is still a support so we do not have a sell signal but in the same time, the line connecting the top of the head and the right shoulder is also intact. For a proper signal, we need to wait for the breakout.

AUDJPY is in a very technical downtrend. Most recently, the price created a correction pattern – a flag (white lines), which is just waiting for the bearish breakout. This scenario is more probable, especially as the price is below all major mid-term resistance.

The show must go on. SP500 defends major supports and delays the thought of a bigger correction. We are above major horizontal and dynamic lines, which cancels the sell signal for now. The new all-time highs are on the horizon!

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

This article was originally posted on FX Empire