This is a recording of a US Opening Bell webinar from April 3, 2017.
In today’s US Opening Bell webinar, we discussed technical patterns on key markets. One market we have been focusing on for the past week is the potential triangle pattern for GBP/USD. This pattern has been taking shape for the past 5 months. We are anticipating this pattern to finish below 1.2706 and retest the historic lows of 1.19.
This GBP/USD triangle pattern was previously written about as a trader’s pick on March 24.
EUR/USD has sold off hard for the past couple days after being rejected at the 200 day simple moving average. We are looking for continued weakness so long as price remains below last week’s high.
If gold prices break above last week’s high it opens the door to $1275 and possibly higher. Another rejection at the 200 day simple moving average suggests prices may have to wait before embarking upon the moving average break higher. We do see the higher probability pattern is an eventual break higher through the moving average either it be soon or by starting from slightly lower levels.
If you wish to learn more about Elliott Wave theory without attending the webinars, we have Beginner and Advanced Elliott Wave trading guides.
---Written by Jeremy Wagner, Head Trading Instructor, DailyFX EDU
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