Few Trading Occasions Before the FOMC: AUD/USD, GBP/JPY and USD/MXN
That would be it about the local strength of the American Dollar. Well, at least till the FOMC, which will definitely influence the markets today. In this surroundings we do have three nice setups for you.
First one is the AUDUSD, which is in a long-term up trend after breaking the upper line of the symmetric triangle. We do have a local correction here, which is a rectangle. That promotes a further upswing especially that we just bounced from the lower line of this formation.
Second one is the GBPJPY, which is back above a local support again. The movement is driven by the inverse head and shoulder pattern and the main trend. Sentiment is positive and with that breakout above the horizontal support we do have a buy signal here.
Last one is USDMXN, which is creating a shooting star on a daily chart. Formation itself should not be the only reason to go short. Here, the localization is important. It happens on a local resistance and the 38,2% Fibonacci. That makes it a decent trading occasion.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis