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.