Markets where quite boring yesterday and today I would not count on any bigger changes – especially due to lack of key macro data readings. Only reports from Great Britain may have larger influence, but pairs against pound sterling are quite far from important levels so we did not include them in today’s Price Action Setups review.
AUD/JPY:
After slow and long rally, currency pair managed to reach a key resistance, which many times in the past has been stopping higher movements. It is worth to be observed against, because any clear sell signal will be a great occasion to enter the market. However, it must be remembered, that the trend is upward since two weeks and it may be a risky move.
EUR/AUD:
Another cross for today – pair broke key support which (as can be seen in broader perspective) is a really important level. Daily candle closed below 1.4560 which may indicate stronger downward movement. Zone may be tested once again from the bottom, which after PA signal occurrence will be a great occasion to open short positions.
EUR/USD:
Once again resistance level on the most popular currency pair cannot be broken for a longer period of time. Clear pin bar candle from yesterday gave a green light for decreases, which stopped near the barrier which created before Thursday’s ECB meeting. The main direction is still south – it is worth looking for opportunities to open short positions.
XAU/USD:
Everybody was waiting for bullish break of wedge which formed on XAU/USD few weeks ago. But pair went in the another direction and is now in clear downtrend. Gold is dynamically breaking support after support and slippages are quite dynamic. Now we are in upward correction which may give opportunities to open new short positions in the vicinity of last support zone (which now should act as a resistance).
