Australia Markets closed

Three great setups for Forex Bears

Tomasz Wiśniewski

Yesterday and today, EURAUD is climbing higher but just to test the super important horizontal resistance. EURAUD met a combination of three crucial elements. First one is the upper line of the bearish flag formation. The second one is the horizontal resistance, which previously, for many weeks was a support and the third one is the mid-term down trendline. According to the price action rules, the price should continue to go down.

Next one is the AUDJPY, where on the daily chart, the price broke the crucial horizontal support. The beginning of the week brings us a small reversal but in our opinion, it is just a typical pull-back and a previous support is being tested as a closest resistance. As long as we stay below the grey area, the sentiment is negative.

GBPCHF is having a very strong bearish setup on the weekly and daily chart. Here, the price is coming back to the main downtrend after being locked inside of the flag pattern. We already broke the lower line of the flag and the horizontal support on the 1.287. The sentiment is definitely negative.

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

This article was originally posted on FX Empire

More From FXEMPIRE:

  • Finance
    Australian Associated Press

    US S&P 500 slips on rates concerns

    Wall Street has finished the session flat to lower as worries about international trade tensions and rising interest rates weigh on market confidence.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Friday, October 19.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Friday, October 19.

  • Banks, energy lift but ASX in the red
    Finance
    Australian Associated Press

    Banks, energy lift but ASX in the red

    Australian shares are down but the market regained ground as the banks turned around a poor morning.

  • Finance
    Australian Associated Press

    High Court refuses $46m cartel fine appeal

    A Japanese car parts company ordered to pay a record $46 million fine for colluding with a competitor has been denied leave to appeal by the High Court.

  • Finance
    Australian Associated Press

    Wall St slides as Saudi, Italy add to woes

    US stocks have slid as the EU warning on Italy's budget and possibility of strained relations between US and Saudi Arabia added to investor woes.

  • Finance
    Australian Associated Press

    AAP Markets Report October 19

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Thursday, October 18.

  • Buoyant banks lead Australian market rally
    Finance
    Australian Associated Press

    Buoyant banks lead Australian market rally

    The ASX was flat after a choppy overnight session on Wall Street, with mining and energy stocks weighing on trade.

  • Unemployment rate hits six-year low
    Finance
    Australian Associated Press

    Unemployment rate hits six-year low

    The unemployment rate dropped 0.3 per cent to a six-year low of 5.0 per cent in September, with the number of people with jobs growing by 5,600.

  • 'Heartbroken' Roger David menswear closing
    Finance
    Australian Associated Press

    'Heartbroken' Roger David menswear closing

    Menswear chain Roger David is in administration after the retailer collapsed in the face of competition from international and online rivals.

  • Woodside Petroleum Q3 revenue rises 25%
    Finance
    Australian Associated Press

    Woodside Petroleum Q3 revenue rises 25%

    Woodside Petroleum's third-quarter revenue has risen about 25 per cent on the back of higher oil and LNG prices and rising output at its Wheatstone project.

  • Santos Q3 revenue up, achieves debt target
    Finance
    Australian Associated Press

    Santos Q3 revenue up, achieves debt target

    Gas producer Santos has achieved its debt target more than a year ahead of plan, while also seeing its third quarter revenue jump on higher oil and LNG prices.

  • South32 Q1 coking coal production triples
    Finance
    Australian Associated Press

    South32 Q1 coking coal production triples

    Robust production at South32's Appin and Dendrobium collieries has seen the miner's first quarter coking coal production triple.

  • BHP sees no impact from trade tensions
    Finance
    Australian Associated Press

    BHP sees no impact from trade tensions

    BHP Billiton says it has not seen a material impact from current global trade tensions.

  • Finance
    Australian Associated Press

    Wall St falls as investors eye hawkish Fed

    US stock markets have closed lower after minutes showed US Federal Reserve policymakers were unanimous on the need to raise interest rates further.

  • Finance
    Australian Associated Press

    AAP Markets Report October 18

    Movements on overseas markets.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, October 17.

  • Traditional owners protest Origin fracking
    Finance
    Australian Associated Press

    Traditional owners protest Origin fracking

    Hundreds of signatures were presented to the Origin Energy's executives at its annual general meeting on Wednesday calling for a review into fracking in NT.

  • Finance
    Australian Associated Press

    Stocks to watch

    Stocks of interest at the close of trade on the ASX on Wednesday, October 17.

  • Finance
    Australian Associated Press

    Banks drive Aust shares to four-month high

    Early gains for financial, healthcare and infotech stocks have pushed the local bourse higher on Wednesday.

  • Finance
    Australian Associated Press

    Bank bosses personally accountable: APRA

    APRA says top banking executives will be held to a higher standard of personal accountability under new rules.

  • Finance
    Australian Associated Press

    Optus faces $10m fine over premium content

    Optus faces a $10 million penalty after the consumer watchdog commenced court proceedings against the mobile firm for misleading customers.

  • First strike for Tabcorp on exec bonuses
    Finance
    Australian Associated Press

    First strike for Tabcorp on exec bonuses

    Tabcorp has been hit with a first strike from shareholders despite moves to soothe angst over proposed management bonuses.

  • Finance
    Australian Associated Press

    CSL chairman hoses down share split talk

    CSL says there are no plans for a share split to boost liquidity and affordability of its sky-high stock, with the investor base already increased.