AUD Struggles Again

This week is definitely important for the U.S. dollar. Market participants are anticipating cut in the fund rates in the U.S. Movements on the USD can be sharp, unexpected and volatile. Some traders prefer to avoid such market conditions and trade elsewhere. For those, we made this video. Today, there are three trades we focus on that do not include the USD.

The first major one is the AUD/CAD, where the price is falling down sharply after two bearish price patterns. First, the major one, is the flag, which is present in the proper downtrend and was giving us a hint, that this trend was about to be continued. The breakout happened after the price drew a second pattern – double top formation. Currently, we are close to mid-term lows, which can be a good occasion for taking some profits and, in consequence, reversal.

The second instrument is the EUR/AUD, where we can also witness the weakness of the Australian currency. Setup presented here is the Head and Shoulders pattern, with a false breakout to the downside. Movement south stopped on the long-term up trendline and since that, we do have a strong upswing. In my opinion, the positive sentiment should be continued.

CHF/JPY is the last instrument in this analysis. Here, the price is creating the third bearish correction pattern in a row. We already had one flag and a pennant and now, we are having a flag again. The sell signal will be created, when the price will break the lower line of the flag and horizontal support on the 109.1. Chances for that are quite high.

Trading Sniper

Trading Sniper

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