Traders Edge: Market Briefing 05/07/23

In today’s Trader’s Edge Market Briefing, Tomasz has identified the following unique setups that may catch your interest:
  • The economic calendar is light today, with OPEC meetings and FOMC meeting minutes anticipated to influence the dollar.
  • S&P 500, Dow Jones, and Nasdaq are all showcasing low volatility, moving sideways.
  • DAX could potentially form a right shoulder of the head and shoulders pattern, with a breakout of 15700 points potentially leading to a sell signal.
  • EURUSD also shows signs of a forming right shoulder of the head and shoulders pattern, but it remains far from the neckline.
  • USDJPY appears to be creating a pennant formation, testing the upper line of this pattern. A breakout to the upside could be a solid buy signal.
  • AUDJPY displays a strong buy signal after escaping from the wedge correction pattern to the upside.
  • CADJPY remains within the pennant formation, pending a breakout. An upside breakout signals a buy, while a downside breakout signals a sell.
  • EURGBP is trending downwards after escaping from the flag formation.
  • Gold could be nearing the end of the falling wedge pattern. A possible upside breakout could yield a long-term buy signal.
  • Oil is moving sideways as it waits for a significant reaction.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.