AUDCAD with a long-term sell signal. WTI Oil continues the upswing
The negative sentiment on the EURUSD from yesterday was denied. The price came back above the 1.1730 and after that broke the upper line of the flag formation. That, on the other hand, triggers us a buy signal. The risk of another false breakout is high though as the bearish reversal in the middle of the European session is quite significant.
Yesterday we said about the WTI: “Oil is still above the 55.10 USD/oz and the buy signal is still with us. As long as we stay above this area, buyers have bigger chances for a mid-term success.” Nothing changes here apart from the fact that today we are over 1 USD higher than yesterday.
Your capital is at risk
AUDCAD has a great long-term bearish setup. The price broke the long-term up trendline and the mid-term horizontal support. That second one was already used twice as a closest resistance. That is definitely a strong bearish sign which opens us a way for new yearly lows.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis