WTI Oil respected the long-term support created by the highs from the end of the 2016 and the first half of the 2017 (grey area, 55,1 USD/bbl). In the same place we had the upper line of the channel up formation. The price was testing that area for two days but finally buyers managed to end this short-term sideways trend and pulled the price higher. That creates a buy signal here.
USDMXN is a great example of the false breakout pattern. After the buyers were unable to hold the price above the 38,2% Fibonacci, the price went significantly lower. Current sentiment is negative.
USDJPY made a head and shoulders pattern. Price broke the neckline and then tested it as a closest resistance. Test was positive for sellers because the price bounced and made new mid-term lows. From the price action point of view that is a very strong sell signal.
USDMXN is a great example of the false breakout pattern. After the buyers were unable to hold the price above the 38,2% Fibonacci, the price went significantly lower. Current sentiment is negative.
USDJPY made a head and shoulders pattern. Price broke the neckline and then tested it as a closest resistance. Test was positive for sellers because the price bounced and made new mid-term lows. From the price action point of view that is a very strong sell signal.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI