Today’s setups are a bit weird. How is that possible? Well, it means that second currencies in the pairs are the main drivers of those movements. Let’s see.
We will start with the AUDCHF, where the situation is bearish and the price broke major supports. First of all, AUDCHF broke the lower line of the symmetric triangle pattern. What is more, in the same time, we broke the horizontal support slightly below 0.71. Currently we do have a typical pullback but as long as we stay below those two resistances, the sentiment remains negative.
Second pair is the AUDJPY, where we do have a buy signal. It comes from the fact, that the pair broke the upper line of the wedge pattern and bounced from the upper line of the ascending triangle pattern. The movement towards the horizontal resistance on the 79.8 is very probable.
That brings us to the third instrument. From the above, we can assume that the CHFJPY should be very strong…and it is! The price is in the nice up trend after breaking the upper line of the triangle. Yesterday, CHFJPY broke two major resistances, horizontal and dynamic one. With this, it seems that the sky is the limit.
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:
- Gold Price Futures (GC) Technical Analysis – Testing Key Retracement Zone at $1315.70 to $1307.60
- GBP/USD Price Forecast – Brexit Woes & Firm Dollar Induces Range Bound Action With Bearish Bias
- Oil Price Fundamental Daily Forecast – ISM Manufacturing PMI Could Influence Price Action Today
- DAX Index Daily Price Forecast – DAX To Trade Positive On Improved Investor Sentiment
- AUD/USD and NZD/USD Fundamental Daily Forecast – China Concerns, Strong U.S. GDP Sink Aussie, Kiwi
- NEM’s XEM Technical Analysis – Support Levels in Play – 01/03/19