CPI is a history. Three good trading setups for Thursday
CPI was better, USD got weaker, definitely, there is a logic behind it but today we will focus on the technical analysis. Here we were getting the sell signal for the USD even before the data hit the screens.
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GBPUSD defended a very important horizontal support on the 1.3850 and broke the upper line of the bullish wedge (blue lines). With all that, we do have a legitimate buy signal here.
AUDCAD created an inverted head and shoulders pattern, right after the false bearish breakout from the channel up formation. That is definitely positive, especially that we broke the neckline, which triggers a buy mid-term buy signal.
Bitcoin broke the 8,7k resistance, which opens us away towards the resistance on the 11k USD. It all started with a major bounce from the 6k USD. This level is the last hope for the bulls in the long-term and buyers should do everything to hold the price above.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis