Gold shines again! USDJPY and GBPUSD on the back foot
The first video from our Analytical team this week starts with the analysis of the Gold, where we do have a new buy signal as we speak. The price eventually broke the upper line of the pennant and went higher. That was expected by us in our previous pieces about this instrument. The positive sentiment will be canceled, when the price will break the lower line of the pennant, which as for now, is less likely to happen.
The second instrument is the USDJPY, which wasted a great chance for a buy signal. The pair drew an inverse head and shoulders pattern bouncing from the major up trendline but failed to break the neckline. That failure can be a strong sell signal itself, especially that at the same time, we are having a wedge formation.
The third instrument is the Cable, where the price broke the lower line of the triangle pattern. That is a negative sign and activates the sell signal with the potential target on the lows from the middle of August.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
