Daily analytical report (08/06/18)

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Alpari Market Review
Alpari Market Review

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Friday is a real feast for price action traders and we can find three great setups with high chances of sweet profits. The first is the EURUSD, which is bouncing on the daily chart from the horizontal resistance, creating a candle with a long wick. What is more, on the H1, we can see a head and shoulders pattern and a bearish flag formation. Altogether, this is super negative.

Second is the GBPJPY, where the sell signal is one of the strongest I have seen in recent times on the whole FX market. The price bounced from the combination of three important trend lines and dipped lower. Then, we broke a combination of three crucial supports (two horizontal and one dynamic). The dynamic one is the lower line of the flag, which activates this pattern. Nevertheless, all factors are pointing south.

The third and final is the USDRUB setup. Here, the price broke the upper line of the symmetrical triangle pattern, which triggered a clear buy signal. That is it. The simplicity of price action at its finest.

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