During yesterday European session, after surprisingly good readings from Spain, the euro strengthened and the dollar weakened. A pair with these two currencies finally break the consolidation, but failed to test the key resistance at 1.3967. During US session, the Australian dollar gained and currently it seems to be the strongest major among the other currencies. It is worth noting the New Zealand dollar, which after more than a week of continuous growth was stopped by weak macro data. Let’s start today’s PA setups review!
AUD/NZD:
Currency pair dynamically broke above the resistance – which previously acted as a support. This current level on hourly chart was tested and confirmed the movement strength. Currently, on the lower TFs we may look for PA buy signals near the 1.0730 level.
GBP/AUD:
Both the pound and the Australian dollar are strong, and therefore after greater downward correction, the support level was defended. During the support test on the hourly chart we can observe signal from inside bar, which allowed to open long positions with stop loss of about 20 pips.
NZD/USD:
Situation on the Kiwi does not look good. D1 candle closed below the last maximum and false breakout formed. We can see a strong correction – the first support level should be found on 0.8635. Given the strong uptrend, it is worth to look for clear purchase opportunities.
USD/CAD:
Strong dollar weakness recently led the currency pair with Canadian dollar to vicinity of key support. The long-term trend is clearly upward, so we should observe this very level.
USD/JPY:
Also USD against JPY falls towards an extremely strong level, which stopped downward movement four times in the recent past. Buy signal here may be one of the most important purchase opportunities in the coming days.
