Today, we have setups from three different areas. Forex, Commodities, and Cryptocurrencies. First one is the Currency market, with the EURCHF. The pair is in the downtrend. Most recently, EURCHF broke the lower line of the wedge and the neckline of the H&S formation. Today, we are testing this line as a resistance along with the mid-term down trendline (red).
The second one is the Oil, which broke the lower line of the flag. With this, we should be aiming lower to the long-term up trendline and the horizontal support on the 66.6 USD/bbl.
The third one is the Bitcoin, which failed to climb higher after the pennant pattern. After a small drop, BTC tested the long-term down trendline and the horizontal support created by the upper line of the recent rectangle pattern. That is actually a great place for a buy and as we can see, the price is now respecting this line with a small intra-day bounce.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
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