Gold ends the bearish correction. USDCHF and USDMXN wait for the signal

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Published: Nov 9, 2017, 12:01 UTC

Gold finally broke the 50% Fibonacci around the 1282 USD/oz, which was a strong resistance since the 23rd of October. After that, the price defended it as

Gold finally broke the 50% Fibonacci around the 1282 USD/oz, which was a strong resistance since the 23rd of October. After that, the price defended it as the closest support and made new mid-term highs. According to the price action principles that should trigger a buy signal on this instrument.

USDMXN is forming a symmetric triangle right below a very important long-term resistance. Triangles are always good trading opportunities but signals are created only after the breakout of the support or the resistance. So now we have to patiently wait…

A similar situation is present on the USDCHF. Here we do have both: symmetric triangle and the rectangle pattern. Breakout from the triangle alone should not be significant enough to open a position. It would be better to wait for the breakout of one of the horizontal orange areas.

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

About the Author

Tomasz Wiśniewskicontributor

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.