EURUSD ready to go down again. The same with NZDUSD and Gold

EURUSD is still struggling with the bullish bounce after the price touched the long-term neckline. The upswing is very weak and reached only 38,2% Fibonacci. That is a great place to sell, especially that the price is creating a head and shoulders pattern.

NZDUSD after the dovish RBNZ is falling like a rock. The price broke the lower line of the triangle and the horizontal support on the 0.6725, that is a very negative signal.

Kiwi broke the lower line of the triangle but the third instrument in this video did not – Gold. Here we are in a deep downtrend and the price is still in this correction pattern. Most recently, we bounced from the upper line of this formation and the horizontal resistance on the 61,8% Fibonacci. As for now, the price should be aiming lower.

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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