FX Update: What Can You Trade On Friday?

Trade wars continue but you have to admit that the volatility on the market caused by that is not extraordinary. Prices of risky assets are pretty resilient and save heaven assets are not surging as one could expect. Yesterday, we had few interesting movements but I think that the most important one, happened on the EUR/USD.

With yesterday’s upswing. The main pair, managed to break the upper line of the symmetric triangle, which was a mid-term, dynamic resistance. In addition to that, we broke the horizontal resistance, which was with us, since the 2nd of May. Today, buyers successfully used that line as a support. With this kind of movement, the sentiment is positive.

Next instrument is the EUR/CAD, which yesterday went higher in line with the EUR/USD, but today, the price is going down. The drop is still fresh and was caused by the better employment data from Canada. Both setups were very similar but it seems that in this case, the breakout will be false, which will be a great occasion to sell.

Now, two pairs with RUB. Both of them are one step from a major buy signal. USD/RUB has a flag bouncing from the support and EUR/RUB has a bullish rectangle. In both cases, price closing a day above the upper lines of those patterns, will be an invitation to go long.

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