Yesterday session was marked by a weakening euro, which unfortunately contributed to closing one of our positions with stop loss (EUR/CAD). However, another trading signals were drawn during the night. For today’s Price Action setups preview our team prepared three currency pairs: EUR/AUD, EUR/CAD and GBP/AUD.
EUR/AUD
Broader look on the pair shows, that it is approaching a key support (1.410). It was tested few times already – what is more, it guaranteed a rebound level for dynamic upward movement in late-2013. So now it is worth to observe price action and if clear PA purchase signal occurs, we will consider long positioning.
EUR/CAD
As I mentioned before, SL was activated on that position yesterday. On Monday we talked about purchase signal (D1 pin bar), but supply pushed price below the key support and our outlook could totally change. For now short positioning will be crucial – we may look for opening opportunities after test of the previous support (from the bottom), which now should act as a resistance.
GBP/AUD
Currency pair is deepening its decreases and reaching key support. If clear Price Action buy signal occurs, longs will be a great idea. Especially, that British pound sterling to Australian dollar is in consolidation for a quite long time. After breaking below this very level, short positions will take charge (as in EUR/CAD example).
