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Friday’s Trading Setups

By:
Tomasz Wiśniewski
Updated: May 10, 2019, 13:42 UTC

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.

Friday's Trading setups

Yesterday, we had few interesting movements but I think that the most important one, happened on the EURUSD.

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 EURCAD, which yesterday went higher in line with the EURUSD, 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. USDRUB has a flag bouncing from the support and EURRUB 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.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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