Yesterday the EURUSD made new mid-term highs but the main pair is dangerously getting closer to create a bearish reversal pattern. The price is currently trying to create a head and shoulders formation or a triple top. Despite nice upswings, we do also have strong reversals. It is all happening on a very important support, dynamic and a horizontal one. Breakout of those two can bring us a proper sell signal.
AUDUSD is testing the recent broken neckline as the closest support. If buyers want to continue the upswing, they have to defend this line. Price falling down and closing a day below this line will be a sign of a false breakout and a sell signal. Especially that we just bounced from the long-term down trendline
GBPNZD bounced from the upper line of the symmetric triangle and the 50% Fibonacci. That looks very promising. Today, the price is climbing even higher, which increases the chances for a further rise. The sentiment is positive.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis