Last Wednesday of the year brings us quite interesting trading setups. First one is Cable, GBPUSD, where the price is pushing higher. Buyers are supported by the long-term up trendline and the wedge formation. Actually, the upper line of the wedge is already broken so the buy signal is around the corner. To be safe, traders can wait with the decision until the breakout of the Friday’s highs.
Next one is an exotic instrument – CADCHF, which is also in an uptrend and is now breaking the upper line of the correction pattern. In this case, it is a flag but the signal is the same as on the GBPUSD – buy. One more thing, here also it would be better to wait for the breakout of the horizontal resistance, in this case – December highs.
The last one is the WTI Oil, where on Friday, buyers broke the upper line of the symmetric triangle and most recently the horizontal resistance created by the tops from the end of November and the beginning of December. We do have a buy signal here and the price is at the highest levels since the middle of 2015.
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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