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Gold Tries Reversal; USD/JPY With Very Dangerous False Breakout

By Alpari Research & Analysis (Tomasz Wiśniewski)ForexJul 04, 2018 04:27AM ET
www.investing.com/analysis/gold-tries-a-reversal-usdjpy-with-a-very-dangerous-false-breakout-200329220
Gold Tries Reversal; USD/JPY With Very Dangerous False Breakout
By Alpari Research & Analysis (Tomasz Wiśniewski)   |  Jul 04, 2018 04:27AM ET
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We start this video with a very nice setup on the USD/JPY, where we do have a false breakout about the long-term horizontal and dynamic resistances. We also created a double top formation and broke the mid-term up trendline. You have to admit that we do have many bearish factors at once. That is a good sell.


AUD/USD was trying to create a triple bottom formation with a strong divergence on the MACD. Today, we made an attempt to break the neckline of this formation but it can be false, which can be an additional bearish factor here, pushing the price lower.


Gold is trying a reversal. Here, we do have a bullish engulfing pattern on the daily chart, which can additionally help to create a hammer on the W1. All that is happening on an important long-term horizontal support – 50% Fiboancci.

Gold Tries Reversal; USD/JPY With Very Dangerous False Breakout
 
Gold Tries Reversal; USD/JPY With Very Dangerous False Breakout

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