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Three Best Trading Setups for 4th of July – EUR/USD, AUD/USD and Gold

By:
Tomasz Wiśniewski
Published: Jul 4, 2017, 11:45 UTC

Correction started at the beginning of the week continues today. It is 4th of July so markets in US are closed, thanks to that we should expect a

Forex

Correction started at the beginning of the week continues today. It is 4th of July so markets in US are closed, thanks to that we should expect a volatility to be a little bit lower.

EURUSD is using the H&S on the H1 to go lower. 1.1395 is the closest resistance. We do have a nice place for a potential support: three different technical elements coming together in one place – around the 1.1285. We do have an up trendline, correction equality pattern and the horizontal support. That setup has a great potential!

AUDUSD went sharply down as RBA failed to deliver a hawkish comment to the markets. Expectations were a little bit different, that is why we have a strong slide here. Fundamentals came along with technical analysis were we got a long head on a daily candlestick on Friday.

Sell signal emerged on the Gold (again). This time, the price broke the neckline of the H&S formation. We are also below the up trendline (pink) and horizontal support (green). All that is definitely bearish.

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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