In my opinion, the best occasion from the pairs with the AUD or NZD, can be spotted on the AUDCHF, were we do have a false breakout pattern above the crucial long-term resistance.
AUDCHF was climbing higher since the very end of March after the price bounced from the horizontal support on the 0.703. In addition to that, the price broke the upper line of the wedge, which gave boost to this upswing. Natural target for the rise was the red line connecting long-term lower highs. Quite surprisingly, the price broke that resistance but now we see that it was only a false breakout and thanks to that data, the price is already back below the red line. False breakouts are usually very strong signals so I would not be surprised if the price reached 0.703 again.
Now Bitcoin , were the bullish scenario is still on the table. Most recently, BTC broke the upper line of the ascending triangle, which gave us another buy signal. Today, the price is declining to test the broken resistance as a closest support. That is a typical movement in Price Action. Bounce from the yellow line will open us a way towards the 6000 USD.
Last instrument is the GBPUSD , where the price is declining, driven mostly by the bearish breakout from the symmetric triangle pattern. After that, Cable managed to break the horizontal support on the 1.298 and that price action is currently responsible for the legitimate sell signal that we are witnessing at the moment.
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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