Daily analytical report (24/04/19)

Tomasz Wiśniewski

Chief analyst at Alpari Research & Analysis
  • AUDCHF has been climbing higher since the very end of March following a bounce from the horizontal support at 0.703. In addition to that, the price broke the upper line of the wedge, which gave boost to this upswing. The natural target for the rise was the red line connecting long-term lower highs. Quite surprisingly, the price broke that resistance but now we see that it was only a false breakout and thanks to that data, the price is already back below the red line. False breakouts are usually very strong signals so I wouldn’t be surprised if the price reached 0.703 again.
  • Now for bitcoin, where the bullish scenario is still on the table. Most recently, BTC broke the upper line of the ascending triangle, which gave us another buy signal. Today, the price is declining to test the broken resistance as a closest support. This is a typical movement in price action. A bounce from the yellow line will open the way towards 6,000 USD.
  • Last up is the GBPUSD pair, where the price is declining, driven mostly by the bearish breakout from the symmetrical triangle pattern. After that, the cable managed to break the horizontal support at 1.298 and that price action is currently responsible for the legitimate sell signal that we are witnessing at the moment.

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