Yahoo Finance New month, new trading setups!
First Trading Sniper video of the month brings us three interesting setups. First one is on the Bitcoin, where the price failed to come back above the 11k USD resistance. Bitcoin created a pennant formation, which as expected, ended with the bearish breakout. Currently, we are below the psychological barrier of 10k USD with a great chance to test the 8,7k USD soon.
AUDCAD was looking extremely bullish at the first half of this week but the buy signal was eventually canceled. We had two positive formations here: iH&S and a flag. Both of them got denied today. The price reversed and went back inside of the flag and below the neckline. That is a false breakout pattern, which triggers a strong sell signal on this instrument.
For the past few days, NZDUSD was trying to break the 0.739 resistance. So far without a success. The price created three daily candles with long heads, which increase the chances for a reversal. Before going short on such a strong upswing it would be better to wait for the breakout of the 0.731 support first.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
