Hello Traders, what’s going on market after US closing? 😉
Price hover above key support zone since Tuesday, and today we could see a pretty intense trading on GBP/JPY. Supply almost broke through 184,00 level, but as yesterday, demand has showed its strenght. On a daily chart, we can barely see a pinbar right above important level, situation isn’t perfect, butthis might be a signal for short-term correction.
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Strong australian data caused a huge demand for AUD during the day. In many cases it would be too late to play long after US closing, but AUD/CHF gives us occassion to do so. Bullish engulfing pattern isn’t very large, and counting on small correction during asian session, we can buy the pair at very suitable levels. Wider trend is still bulish so risk reward ratio is pretty satisfactiory.