Daily analytical report (06/03/19)

2019-03-06T11:31:00
  • First up is the AUDJPY pair, where until yesterday, everything was looking great. We were in an ascending triangle pattern and a bullish flag, which was promoting an upswing. The pair even broke the upper line of the flag but that breakout turned out to be false! After midnight, AUDJPY went down, breaking the lower line of the triangle. That is an invitation to open a mid-term short position.
  • Another setup can be found on AUDUSD, where a few nice trading patterns have recently emerged. The first one was a small H&S formation, which started the most recent drop. After this, we got a descending triangle, which resulted in a further downswing. This allowed for the formation of the right shoulder of the much bigger H&S formation. As for now, we are on an important support (a neckline) where there’s a big chance of a bearish breakout.
  • Last but not least is CADJPY, where the pair has broken three important mid-term supports – two dynamic and one horizontal. Today, we used two of them as fresh resistances and two shooting star candlesticks were formed. This provides a great bearish opportunity. The sell signal will be denied if the price comes back above the orange area.

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