A review of the most interesting trading opportunities is a daily cycle of analyzes under the patronage of the FX88 broker, where we present the most interesting possible Price Action setups.
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AUDUSD
After two days of consolidation, today the AUDUSD left the important (orange) resistance zone. The breakdown took place thru the top, which from a technical point of view may determine further growth. If this happens, in the near future we could expect to test the area around 0.7890, 0.7980 or even 0.8100 again.
GBPUSD
The current situation on the GBPUSD currency pair is also very interesting, where as a result of the increases lasting since last Friday, the rate reached the area of a very important resistance zone. Permanent defeat or rejection of this level could determine the future direction of movement on this instrument.
Looking at the weekly interval, we can see that the possible overcoming of the currently tested resistance could open the way for further increases even to around 1.4620.
USDCAD
The pro-growth scenario on AUDUSD and GBPUSD also confirms the current situation on the USDCAD currency pair, where as a result of yesterday’s increases, the recently defeated support (now resistance) has been re-tested. There also the supply reaction appeared and today the declines are continued. If there is no strong demand reaction in the near future that would negate this breakdown, potential drops could reach even vicinity of the level of 1.2260.
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