Recently, markets do not show many opportunities to open positions. Everything gets less and less “technical” – price do not respect resistance/support levels. It is likely that investors are waiting for end of the summer and time when the volatility will go much higher. However, I will try to show you pairs which may give Price Action signals to open attractive positions in the nearest time:
AUD/NZD
Cross broke above the last high, but we can see a clear supply reaction. It may be a fake breakout and correction in the support line direction is very likely. Playing short is against current trend and we have to remember that is less effective than trend-following move.
NZD/USD
Kiwi fell once again in the vicinity of the support line, which lately was defended few times. Momentum is clearly downward, but on the broader scale we are still in an uptrend, so once again we may consider long positioning.
USD/JPY
Ninja started to move in really jerky way. Long lower and higher wicks may signal a dynamic fight between demand and supply. Currently, pair is approaching resistance line which in the past was stopping further increases. This consolidation (started 6 months ago) is getting too long and too boring, so breaking this very level would be interesting. Intraday players should look for PA sell signals when price will touch the resistance or hover below it.
I invite you to more Price Action signals tomorrow!
