Some patterns are still in progress from a prior trading alerts post.
EURUSD in the PRZ (Potential Reversal Zone)
EURUSD has bounced slightly on Friday from the potential reversal zone for a bullish three drives pattern. PRZ also resides near the descending channel support, while Stochastic is showing a positive divergence. I would look into short term charts for entry confirmation. Note that I would discard the pattern on a breakout below recent low at 1.1176.
NZDCAD About to Break Resistance
NZDCAD is attempting a breakout above the multi-week sideways range. We had a marginal close above it on Friday. Yet, I would like to see a clear close above 0.9125/30 to confirm a retest of the 0.9256 high as a minimum target.
USDCAD Resuming the Uptrend?
The main long term rising trend line and the 200-days simple moving average halted the latest decline, and that hints it may have been only a corrective decline. Meanwhile, the price has formed a head and shoulders bottom at that support area. The upside could extend to the latest major swing high at 1.3660.
Copper Possible Retesting Process
I mentioned this pattern in a prior post. Looking back at the chart, the price is pulling back towards the broken resistance of the rectangle. A bullish resumption should be expected from that area as the resistance could turn support now. Add to that, a shorter-term rising trend line may also support the bulls.
Oil Pauses For Consolidation
Brent Oil could be forming a pennant continuation pattern following the completed head and shoulders pattern and the ascending triangle I mentioned in a prior post. That keeps the bullish scenario favored with a next possible target around $70.00.
Also, WTI crude is showing a similar pattern, consolidating in a sideways range above 54.50-neckline for the completed head and shoulders bottom. Buying downside pullbacks have been successful and may continue to be so.
Trading alerts are meant to alert traders for completed and potential patterns as they develop. In addition to key support and resistance levels being tested. These alerts should be considered a heads-up and only as guidelines, not a buy or sell signal.