In the morning, data from Australia firmly shook the markets. Initially, AUD strengthened, but quickly returned to the levels before the reading. It seems that this particular currency is worth our observation today. Let’s start the review of potential Price Action setups:

AUD/NZD:

Cross is in a downtrend. The key factor here was breaking the key support in the vicinity of 1.0730 level. Yesterday, there was a very clear sell signal – pin bar highlighted in yellow. Unfortunately, it could not be played using a conservative method. So I personally am out of position on this pair. Any next attacks on this level may be used to play shorts – with target on support near 1.0537.

AUD/USD:

Friday buy signal is still not used, because pin-bar candle has not yen been abolished in 50%. Traders waiting for braking its maximum should have open long positions now. I recall, that there are three ways of positioning in such situations:

-Buying after breaking the maximum, stop loss below the minimum,

– Buying after breaking the maximum, stop loss below the 50% of candle’s abolition (better risk/reward ratio than in the first case – where the likelihood of losses is greater),

– Buy limit on 50% of candle’s abolition, stop loss below the minimum. Better risk/reward ratio than in the first case and safer SL than in the second one. There is still a risk of lack of correction – in that scenario we will be out of position and just observing the developing trend.

EUR/AUD:

Ongoing consolidation below 1.5000 resistance. Level was attacked three times during the last session. Response to the rebound was not too violent, as evidenced by the small number of sellers. In the case of breakout, it is worth to look for long positions – after test from the top and the occurrence of buy signal at the same time.

NZD/USD:

The upward trend is in full swing and today we may have 6th consecutive session were Kiwi is increasing! It is worth to observe the price action near the key resistance, which is already really near. If a clear sell signal occurs there, we will be able to consider short positioning. If price breaks it and daily candle closes above, it will be worth to look for long position after test from the top.

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