We are approaching the Easter season but there is still much going on in the case of markets. Unfortunately, there is lack of clear signals which I will show in a moment. This may be brought on due to lower liquidity. Let’s start:
AUD/NZD:
Cross rebounded from the resistance. However, neither on the daily, H4 or even hourly chart any PA sell signals can be seen. They must occur in order to open position.
EUR/USD:
Eurodollar remained under resistance at 1.3820 the whole Tuesday, but yesterday morning rallied and during the support test gave a buy signal. This is 4-hour pin-bar candle highlighted in yellow. As usual it may be played in three different ways:
-Buying after breaking the maximum, stop loss below the minimum,
– Buying after breaking the maximum, stop loss below the 50% of candle’s abolition (better risk/reward ratio than in the first case – where the likelihood of losses is greater),
– Buy limit on 50% of candle’s abolition, stop loss below the minimum. Better risk/reward ratio than in the first case and safer SL than in the second one. There is still a risk of lack of correction – in that scenario we will be out of position and just observing the developing trend.
GBP/UAD:
Currency pair is in a dynamic downtrend, so we should look only for short positions. Price is at 21-day EMA and if a clear sell signal occurs we will be able to open long positions. However, the strong resistance is still 80 pips higher.
GBP/CHF:
British pound against Swiss franc is testing a resistance. The trend is upward since last month – so if you think about opening short positions you have to keep that in mind.
GBP/USD:
Very clear upward rally on Cable after Tuesday’s signal. Price broke key resistance, but we still need a closure above to talk about defeating this level. If the price returns, it may be a false break and an opportunity to position short.
NZD/JPY:
Last 4 daily candles on this cross have hot long lower shadows and each of them may be a buy signal. But yesterday minimum was broke and eventual long position should be secured below the support at 87.40.
