Indices In a Correction Mode but Still Bullish in The Long-Term

 

American indices take a small break after the buying marathon which started the previous week.

DAX bounces from the 38,2% Fibo and the lower line of the flag. That is bullish but the false breakout from Monday can be a little bit worrying.

Gold breaks the upper line of the pennant and climbs higher to test the upper line of the channel up formation. The life of a gold bull seems ok at the moment.

The same with oil bulls. Today, we do have a small correction but the main sentiment is definitely positive.

The EURUSD extends loses after the double top formation.

The AUDCHF is still above a major support but it doesn’t look like a bounce, more like a correction and preparation for another leg down.

The NZDCAD climbs higher after the false bearish breakout.

The EURCAD makes a double top formation on the 38,2% Fibonacci. That is one of the best price action setups there is. A bearish setup of course

The GBPJPY is waiting for a breakout from the symmetric triangle pattern. That can turn into an awesome trade pretty soon.

For a look at all of today’s economic events, check out our economic calendar.