Traders Edge: Market Briefing 19/07/23

In today’s Trader’s Edge Market Briefing, Tomasz has identified the following unique setups that may catch your interest:
  • EURUSD: Encounters 61.8% Fibonacci and demonstrates a correction equality pattern, indicating a favorable chance for a decline.
  • USDJPY: Ascends post the formation of an inverse head and shoulders at the 38.2% Fibonacci level.
  • S&P500: Registers new local highs consistently.
  • Dow Jones: Penetrates key horizontal resistance at 34,500 points, signaling a robust buy opportunity.
  • AUDJPY: Persists within the wedge pattern, suggesting an impending upward breakout.
  • CADJPY: Displays an initial upswing, yet overall sentiment remains bearish.
  • USDCAD: Maintains position above the longstanding uptrend line, but encounters increasing sell-side pressure.
  • NZDUSD: Reverts back within the flag pattern, possibly signaling a sell.
  • GBPCHF: Targets long-term horizontal support at 1.17. A bounce from this level could trigger a buy signal.
  • EURGBP: Demonstrates a reversal with the formation of a double bottom.
  • GOLD: Advances following the emergence of an inverse head and shoulders pattern.
  • OIL: Gains momentum post defending pivotal support levels.
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