Fatal labor market data from Australia set the tone for the nigh quotations. Currency pairs with AUD started strongly and decisively which can give a few occasions from the early morning. Before we start I want to invite you to take part in free Price Action on Indices and Commodities webinar: LINK.
Unemployment figures which I mentioned earlier brought the Australian dollar to Yen in the vicinity of the support zone. A strong buy signal will be a good opportunity to open longs. However, it must be really clear because the downward impulse is strong.
A similar situation at a pair with Kiwi. The course also coming to the support and PA buy signals from H4 and D1 chart may give opportunities to open long positions.
For the 6th time (!) price re-challenged the support level and rebounded from it. You can clearly see high indecision on the Canadian dollar. Each subsequent test of this level is an opportunity to open longs. But the potential TP is not the highest one, due to safety we should put it on 1.5040 level. Higher rebound and return to the long-term uptrend is still less likely than remain in recent consolidation. Hence, putting such a goal is a good decision.
The rapid upward trend prevails on Cable after clear buy signals (February 4, 5 and 6). Price has reached the key resistance – if the level will be overtaken we can search for buy signals after re-test from the top. However, it may happen that the price will not be able to defeat it – then clear sell signal can be used to open shorts and return to the side trend.
Looney could not defeat the support line. A buy signal will be opportunity to open long positions in accordance with the trend. However, it should be quite pronounced, because there is a great chance to break that level and bigger correction to the next support zone.