Traders Edge: Market Briefing 02/08/23

In today’s Trader’s Edge Market Briefing, Tomasz has identified the following unique setups that may catch your interest:
  • EURUSD: Continuing the downswing using the correction equality pattern and 61.8 Fibonacci. Currently testing the long-term uptrend line.
  • USDCHF: Approaching the long-term downtrend line.
  • SP500: Starting a bearish correction close to the local tops.
  • Dow Jones: Begins a local correction. The target is key horizontal support on 34,500 points.
  • NASDAQ: Currently breaking the long-term uptrend line.
  • DAX: Going lower after the evening star candlestick formation. Unable to hold above the 16,350 points support. Target set at 15,700 points.
  • USDCAD: Climbing higher after the bounce off the long-term uptrend line.
  • NZDUSD: Ignoring the bullish engulfing pattern on the uptrend line. Currently breaking this uptrend line with a strong sell signal.
  • EURGBP: Trying to create an inverse head and shoulders pattern. Currently finishing off the right shoulder of this formation.
  • Silver: Trading below a key horizontal level at $24.4 per ounce.
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