Our triangle took a downward direction in terms of a single currency. The US Dollar strengthened its position against the Pound and is now taking care of the Euro. We have exactly the opposite situation here. We should start selling the pair away from the broken bottom of the triangle. As for the drop, we have two goals such as the broken triangle and the broken ascending channel:
As for the kiwi, we can start selling the pair away from the 3rd point of descending channel:
Sell Limit 1.7220, Stop Loss 1.7270, Take Profit 0.7050.
As for the American Index S&P500, we’ve went back to the broken historical level and caught up with the 3rd point of the ascending channel. It is a quite risky to buy it now as the index just recently started to form the head and shoulders patter. However, buying is worth a try when it starts forming steady candlestick patterns such as engulfing and hammer. We are prone to wait until the rate breaks the abovementioned levels. After that, we will try to sell the index away from the horizontal level of 2137.00. At that, potential goal can reach the level of 1946.00 in terms of movement:
Stay tuned for more and trade with Tickmill!