Three Best Trading Setups for 4th of July – EUR/USD, AUD/USD and Gold
Correction started at the beginning of the week continues today. It is 4th of July so markets in US are closed, thanks to that we should expect a volatility to be a little bit lower.
EURUSD is using the H&S on the H1 to go lower. 1.1395 is the closest resistance. We do have a nice place for a potential support: three different technical elements coming together in one place – around the 1.1285. We do have an up trendline, correction equality pattern and the horizontal support. That setup has a great potential!
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AUDUSD went sharply down as RBA failed to deliver a hawkish comment to the markets. Expectations were a little bit different, that is why we have a strong slide here. Fundamentals came along with technical analysis were we got a long head on a daily candlestick on Friday.
Sell signal emerged on the Gold (again). This time, the price broke the neckline of the H&S formation. We are also below the up trendline (pink) and horizontal support (green). All that is definitely bearish.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis