Best trading setups for Tuesday – GBP/USD, USD/CHF and AUD/USD
Here we are with the new trading sniper video where as always we bring you three interesting trading occasions. Market is relatively calm. The biggest influence right now have the technical factors. From the fundamental point of view the economic calendar is empty and other aspects remain muted.
First instrument is Cable – GBPUSD, where yesterday we marked a very high chance of a bullish reversal. It was signalled by the three important supports crossing in one place. Those were: lower line of the flag, upper line of the wedge and the 38,2% Fibonacci. Contact with this support gave so far over 70 pips and still counting.
USDCHF looks great for the counter trend traders. We bounced of the strong long-term support and the price created a double bottom formation along with a divergence on the MACD. All we need for a legitimate buy signal is breakout of the local dynamic resistance, which is connecting recent lower lows.
AUDUSD is drawing a potentially very dangerous daily candlestick pattern – shooting star on a local resistance. Situation here is bearish and the sell signal will be created once the price will break the recent short-term up trendline connecting lows from Friday and Monday.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis