USD Tango Down

By saying that weaker USD is good for the trade, Mnuchin sank the USD. That helped the USDCAD to break the mid-term horizontal support, which was a part of the sideways trend locked inside of the rectangle. That opens us away for the new yearly lows. Soon, we should test the lowest point from 2017.

NZDUSD reached an ultra-important resistance on the 0.74 but failed to break it. The reason of that was the weaker CPI data from New Zealand. We are still above the long-term up trendline but the risk of a bigger correction is increasing.

FTSE is giving a chance to the traders who missed the original breakout of the upper line of the triangle. That resistance was broken some time ago but we still did not have a chance to test it as the closest support. Now, this chance is rising and any bullish price action pattern on the red area should be a good trading signal.

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