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.

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