USD hits back with strength

By:

Published: Oct 30, 2018, 08:57 UTC

USD is back. USDJPY finally defended the long-term up trendline, which for the past two weeks was under the bearish pressure. The price created two false

USD is back. USDJPY finally defended the long-term up trendline, which for the past two weeks was under the bearish pressure. The price created two false breakout patterns and went higher. Chances to reach the highs from the beginning of October are quite high.

The second instrument is Gold, which is suffering losses after the shooting star candle on the 38,2% Fibo. That is a classic price action setup so I guess that nobody is surprised here. The current target is the next Fibo – 23,6%, which was already many times respected as a support. The mid-term sentiment is negative.

The last instrument is the Bitcoin, which finally ended the sideways trend present here for the past two weeks. That gives us a short-term sell signal with the potential targets on the yellow support, which is created by connecting the most important lows from 2018. Our view on this crypto is negative.

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.