Correction on USD and Indices Accelerates

Major Financial Markets Technical Analysis

SP500 started the new week with a possible double bottom formation and a promising movement to the upside.

Nasdaq is defending the 50% Fibonacci and is also creating a double bottom formation.

The DAX in a better situation with an inverse head and shoulders pattern. We are inches from breaking the neckline and creating a buy signal.

The EURUSD is climbing higher, after the price broke the neckline of the inverted Head and Shoulders pattern and the long-term down trendline (red).

The AUDUSD is in a very similar pattern and is also aiming higher.

The USDCAD dropped after the price created a false bullish breakout.

The GBPCAD joined the EURUSD and AUDUSD in an upward movement triggered by the inverted Head and Shoulders formation.

The GBPAUD tested the lower line of the pennant. The end of the sideways trend is near, and a breakout to the downside is currently on the table.

Traders Edge: Market Briefing Video for 23.05.22

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