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Strong, Long-Term Buy Signal For This Currency Pair

By Axiory (Tomasz Wisniewski)ForexOct 20, 2020 08:24AM ET
www.investing.com/analysis/is-that-the-best-setup-on-the-market-right-now-200541710
Strong, Long-Term Buy Signal For This Currency Pair
By Axiory (Tomasz Wisniewski)   |  Oct 20, 2020 08:24AM ET
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Indices and US dollar collapsed yesterday. Tuesday brings us a reversal attempt on stocks but Dollar remains ultra-bearish. We are not surprised with that as we were highlighting this possibility in our video from yesterday. As always, welcome to Trading Sniper, where we have the three best trading setups on the market.

The first one is the Dollar Index, which is in a downfall after creating the flag and the head and shoulders pattern. Both formations ended with broken supports, which in both cases activates a legitimate sell signal. We do not see much of a hope for buyers but a comeback above the neckline could be good for a start. As long as we stay below, the sentiment is negative.

Slide on Dollar Index, usually means rise on EUR/USD. It is not different this time. The price came back above two major horizontal resistances and then managed to break the long-term down trendline. That breakout gives us a buy signal and a lot of optimism.

EUR/USD may look nice but crème de la crème of today’s video is EUR/AUD. A long time ago, I spotted a nice sideways trend and was waiting for a breakout ever since, to the upside to be accurate. The breakout happened yesterday and ended 4 months of a boring sideways trend. According to Price Action, that is a strong, long-term buy signal, the one that should come as a reward for patient traders. Let's see how this one will work out.

Strong, Long-Term Buy Signal For This Currency Pair
 

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Strong, Long-Term Buy Signal For This Currency Pair

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