Tuesday and Wednesday brought us few nice breakouts from the trend continuation patterns on major pairs on the FX Market. NZDUSD broke the upper line of the wedge pattern, which is triggering us another buy signal.
USDCAD broke the lower line of the pennant formation. It was generally expected as before that we were in the strong downtrend. The last correction before pennant was a rectangle and we managed to break the lower line of this formation and use it later as resistance.
GBPUSD made three wedges in a row. Every one of them resulted in a breakout of the upper line of this formation and a buy signal. The positive sentiment here is additionally supported by the hammer on the D1.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
More From FXEMPIRE:
- Wednesday Support and Resistance Levels – January 31, 2018
- Daily Grains Analysis – Wheat Takes a Respite Despite Drought Conditions
- Natural Gas Price Fundamental Daily Forecast – Change in Momentum Could Lead to Test of $2.976 to $2.909
- E-mini Dow Jones Industrial Average (YM) Futures Analysis – January 31, 2018 Forecast
- EUR/USD Mid-Session Technical Analysis for January 31, 2018
- Forex Trading Signals – January 31, 2018