Three Best Trading Setups for 4th of July – EUR/USD, AUD/USD and Gold

The EUR/USD continued to decline as U.S. yields gained traction following Monday’s stronger than expected ISM Manufacturing report. The U.S. was closed Tuesday for the Independence Day holiday, but there are a number of catalysts that will drive the currency pair during the balance of the week including Friday’s U.S. Payroll report. The EUR/USD edged … Continue reading EUR/USD Daily Technical Analysis for July 5, 2017 · FX Empire

Tomasz Wiśniewski

Updated Tue, Jul 4, 2017, 5:45 AM

Correction started at the beginning of the week continues today. It is 4^th of July so markets in US are closed, thanks to that we should expect a volatility to be a little bit lower.

EURUSD is using the H&S on the H1 to go lower. 1.1395 is the closest resistance. We do have a nice place for a potential support: three different technical elements coming together in one place – around the 1.1285. We do have an up trendline, correction equality pattern and the horizontal support. That setup has a great potential!

AUDUSD went sharply down as RBA failed to deliver a hawkish comment to the markets. Expectations were a little bit different, that is why we have a strong slide here. Fundamentals came along with technical analysis were we got a long head on a daily candlestick on Friday.

Sell signal emerged on the Gold (again). This time, the price broke the neckline of the H&S formation. We are also below the up trendline (pink) and horizontal support (green). All that is definitely bearish.

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

This article was originally posted on FX Empire