The symmetrical triangle is a chart formation where the slope of the price’s highs and the slope of the price’s lows converge together to a point where it looks like a triangle. The market is making lower highs and higher lows which means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend. This is also a type of consolidation and two slopes get closer to each other, it means that a breakout is getting near. We don’t know what direction the breakout will be, but we do know that the market will most likely break out. January 14th, 2020 based on CFTC non-commercial were reducing their long position after hitting above the extreme level and they were profit-taking but they also reduced their shorts that stabilized price somewhat at the high in the weekly chart. Global risk appetite might somehow be affected by china's natural disaster (virus case) which affected not only humans but various financial markets around the world which hit the risk-off mode situation through the international market couple of weeks. Falling equities, rising Treasurys and safe heavens like the greenback, yen and yellow metal taking most advantage. Seeing the risk currencies like Aussie, euro, pound devaluation which totally indicated to us the overall market situation at the moment but this all should be temporary and soon or later we may see back good risk appetite on the global market which may flip back this all case in no time.
