Three Trading Setups After the Long Weekend

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Published: May 2, 2017, 12:15 GMT+00:00

We are back from the longer weekend again and the markets are not moving much. EURUSD is stuck in the sideways trend but luckily we have other instruments

We are back from the longer weekend again and the markets are not moving much. EURUSD is stuck in the sideways trend but luckily we have other instruments that can provide us some attractions.
Gold broke an important mid-term support and is heading lower to test the long-term trendline. Maybe this is not the best situation for buyers but the positive scenario is still alive (as long as we stay above the trendline). The closest resistance is 1262 USD/oz.
Today we will additionally focus on two exotic instruments. EURAUD is the first one and here on a daily chart we do have a nice bearish setup. The price met the horizontal resistance and created two shooting stars followed by bearish marubozu. That is definitely a negative environment even if today the price is climbing a little bit higher.
USDPLN is only 200 pips away to make 3^rd the same bearish wave. It can obviously be much longer but it would be nice to see a bullish price action there, because it would create a very strong technical buy signal.

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.

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