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USDCAD and Gold inside of the triangles. Breakout is near!

Tomasz Wiśniewski

Today, three setups, where we still have to wait for the breakouts but once they are going to happen, we should receive very reliable trading signals. The first instrument is the USDCAD, where the price is locked inside of the ascending triangle pattern, so we are below the horizontal resistance and above the dynamic support. First one is the green area around the 1.303 and the second one is the long-term up trendline. Breakout of the first one will give us a buy signal and the breakout of the second one will open us away towards new lows.

The second one is Gold. The precious metal is in the symmetric triangle pattern, waiting for a very important breakout. Price getting above the upper line of this pattern, along with the horizontal resistance on the 1307 USD/oz will tell us to buy and the breakout of the lower line of this pattern along with the long-term up trendline will tell us to sell.

The last one is the EURAUD, which created a daily shooting star on the mid-term down trendline. Normally that should be a strong sell but the price fails to go lower and tries to create a right shoulder of the iH&S formation. For the buy signal, we need to see the breakout of the neckline first.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire