The mid-term positive sentiment for the USD has ended, now time for reversals. One of the best setups can be seen on the EURUSD, where the price is bouncing from the 38,2% Fibonacci creating a daily hammer and the inverse head and shoulder on the H1 chart. Sometimes you wait for this kind of setups for ages…
The next one is Gold, which looks even stronger. Here, we do have a false breakout below the trendline and the horizontal support along with the daily hammer and the breakout of the horizontal resistance. This demand for this commodity looks really strong!
The last but not least is the AUDUSD, which is having an inverse head and shoulders pattern on the long-term horizontal support. We already broke the neckline and tested that as a support. From the technical point of view, everything is ready to see a further rise.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis