EURUSD comes back above the crucial resistance!

EURUSD used the inverse head and shoulders formation to climb back above the major horizontal resistance, which is the neckline of much bigger and more relevant H&S pattern. That can be potentially a huge buy signal but first, we need to see the bounce from this line, which would be a confirmation of the false breakout pattern.

NZDUSD has reached an important resistance created by the correction equality pattern and the horizontal line on the 0.672. The first contact brings us a bearish bounce, which may be showing us a comeback to the main downtrend.

The last one is the AUDCAD, where the price tested the major long-term horizontal resistance. It seems that supply is back on the market because the price is declining sharply. The sentiment remains negative, as long as the price stays below the grey area.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis