Australian macro data brought some confusion on the markets – its reading at 3:30 (CET) caused a strong AUD sale. In the near future we will see, if it could be a return to the long-term downward trend or just a correction after the recent rally in the Australian dollar. Let’s start today’s Price Action Setups review:

AUD/NZD:

I wrote about this cross yesterday – resistance was attacked three times in a row and finally we got a strong decline. Price should reach the vicinity of the support and there we can look for price action sell signals (because trend is still upward).

EUR/CAD:

Euro against Canadian dollar is in a downtrend since mid-March. What we observe from the last twelve sessions is just a correction of the movement. Price reached the resistance zone last Thursday and gave a sell signal (pin-bar candle). Today, you can position south in accordance with the principle of opening short positions after 50% correction of signal candle.

EUR/USD:

As usual, really unclear situation on Eurodollar. In fact, the only thing which works here (in the technical way) are equal levels. 1.3800 acts as a support and the last peak coincides with 1.3900. It is difficult to predict the pair behavior. But everyone clear buy signal at 1.3800 can be used to open long positions and a sell signal at 1.3900 to position south.

GBP/CHF:

Currency pair broke resistance yesterday and recently this very level can provide strong support. Re-test from the top with the PA buy signal at the same time will be its confirmation. In this case we will open long positions, playing in accordance to the recent momentum.

XAU/USD:

Gold is know on a key support. It can be seen that the level is working well, but there were not any clear buy signals. It is worth to observe the price action in the nearest future, looking for good market position.

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