USDJPY with a Hot Bearish Setup. Gold Tries a Bullish Correction
We start this video with a very nice setup on the USDJPY, where we do have a false breakout about the long-term horizontal and dynamic resistance. We also created a double top formation and broke the mid-term up trendline. You have to admit that we do have many bearish factors at once. That is a good sell.
AUDUSD was trying to create a triple bottom formation with a strong divergence on the MACD. Today, we made an attempt to break the neckline of this formation but it can be false, which can be an additional bearish factor here, pushing the price lower.
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Gold is trying a reversal. Here, we do have a bullish engulfing pattern on the daily chart, which can additionally help to create a hammer on the W1. All that is happening on an important long-term horizontal support – 50% Fibonacci.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis