Welcome in today’s Price Action Setups overview. Without unnecessary ado – let’s start!
AUD/NZD:
Pair reached next key level. Long-term trend is still downward so the clear sell signal may – in spite of recent growth momentum – serve to open shorts. In turn, even higher breakthrough and the successful re-test from the top of this level would be a buy signal.
AUD/USD:
Here we can see a strong breakout above resistance line. Also the 21-day EMA was overtaken which confirms the movement strength. Now they key factor will be the price action at this level. Traditionally, the most important will be the re-rest, because it can give opportunities to open longs according to recent momentum. However, the fall down will create a false breakout and will be a sell signal.
EUR/CAD:
The currency is in a dynamic uptrend – but has undergone a strong correction – which brouight the price near the support line. Yesterday we saw a pin bar forming on the D1 chart which is a strong buy signal – the rebound was made from the support line and 21-day EMA. Such pin bar can be traded in several ways (I was talking about that in one of my Price Action cycle). Buy stop above the pin with SL under the minimum (or under 50% of its abolition). Buy only after 50% of the abolition (which currently is taking place) and SL below the candle.
GBP/CHF:
Currency pair broke through the support line which now should be a resistance. A successful test from the bottom and with the occurrence of PA sell signal will be a great opportunity to open shorts.
GBP/USD:
Cable finally dropped nearer to the support line which I expected from the beginning of the year. A buy signal from price action will be a good opportunity to open longs. On the other hand, if the price beats that concrete level we will have to wait a little longer.
