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Three Instruments and Three Breakouts of Absolutely Crucial Resistances

Tomasz Wiśniewski
·1-min read

The first instrument is traders’ beloved GBPJPY. Often chosen by speculators thanks to its volatility. For the past few days, pair was in the sideways trend, which could have been described as a descending triangle pattern. The formation was not fully reliable as the best signals it gives in a downtrend. Nevertheless, the price broke the upper line of this formation today, which in theory brings us a proper buy signal.

Now AUDNZD, which today is making a crucial long-term movement. Despite the better data from New Zealand, the price is heading higher, so NZD is getting weaker. The reason why this movement is important is that the price is currently testing major long-term horizontal resistance. Buyers are testing this level since September 2019 and they did not manage to close the day above the 1.084 resistance. Price closing a day above, can be a proper buy signal.

The last one is French CAC, which is getting ready for a bullish wave. The price created an inverse head and shoulders pattern and already broke its neckline. What is more, CAC broke the mid-term down trendline and the horizontal resistance on 4900 points. As long as we stay above this level, the sentiment remains positive.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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