In today’s Price Action Setups overview we will take a closer look at AUD/NZD, CAD/JPY, EUR/USD, GBP/JPY, NZD/CAD and XAU/USD. If you want to learn more about PA signals jump to the Price Action Formations: Pin Bar, Fakey, Inside Bar article. Here we go:
After rejection of the resistance the currency pair did not drop too much and bounced from 8 EMA. The resistance re-challenge before bigger movement is highly possible. If PA signal will occur there again, then we recommend to open shorts. If the price will increase then wait for the confirmation and successful 1.01915 re-test from the top.
Canadian dollar underwent a slight growth correction and in the pair with yen is in quite interesting place, testing the support. The inside bar just formed, which you can trade by placing buy stop above the maximum and SL below the minimum. However, it should be remembered, that CAD is still in a long-term downward trend.
Eurodollar approaches the key resistance. How it will act there is going to be extremely important. The downward bounce and going back to the 1.35-1.37 range seems more likely. We should pay attention to the close intersection of to averages, which clearly tells about the possible larger increases. But for now we should just focus on observations.
Pound to yen rebounded yesterday from resistance zone, giving the first signals of a return to the last downward momentum. On the W1 chart a clear upward pin bar was created on Friday which may now be retrace in 50% and can be used to open long positions – because we can assume that greater downward trend won’t occur on GBP/JPY.
Price has just reached the resistance line, which in recent weeks was 3 times falsely overtaken. Please observe the behavior of the price and with the next downward signal try to open short positions, aiming at support. However, if the daily candle closes above this important level, we should look for longs, because it may be even 500-pips-upward-move targeting the maximum from 1997!
Quietly, without much fuss, Gold has broken the key resistance level and it looks like this is going to be a longer trend. It is worth looking for PA signal on different timeframes – D1 or H4.
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