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AUDCAD with a long-term sell signal. WTI Oil continues the upswing

By:
Tomasz Wiśniewski
Published: Nov 22, 2017, 12:09 UTC

The negative sentiment on the EURUSD from yesterday was denied. The price came back above the 1.1730 and after that broke the upper line of the flag

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The negative sentiment on the EURUSD from yesterday was denied. The price came back above the 1.1730 and after that broke the upper line of the flag formation. That, on the other hand, triggers us a buy signal. The risk of another false breakout is high though as the bearish reversal in the middle of the European session is quite significant.

Yesterday we said about the WTI: “Oil is still above the 55.10 USD/oz and the buy signal is still with us. As long as we stay above this area, buyers have bigger chances for a mid-term success.” Nothing changes here apart from the fact that today we are over 1 USD higher than yesterday.

AUDCAD has a great long-term bearish setup. The price broke the long-term up trendline and the mid-term horizontal support. That second one was already used twice as a closest resistance. That is definitely a strong bearish sign which opens us a way for new yearly lows.

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

About the Author

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.

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