The EURUSD trade idea got tangled up in the range and did not really materialise. Today, I am looking at two new currency pairs that might lead to a change in direction.
Pair one analysed - GBPCAD
In the first example, I am looking at the GBPCAD. It looks like price has halted on a minor support level.
There is a pinbar that formed on the daily timeframe. Seems like price might change short-term direction and reach the next resistance level at 1.8100 and then depending on price action reach for the next level at 1.8400.
I will be looking at the open and then switch to the 4 hour chart to look for a potential entry.
Second pair analysed - AUDJPY
The second pair I am looking at today is the AUDJPY.
There were two bullish rejection of the 84.00 level and it seems like price is ready for a new dip.
I am looking to see where the market will open and if I see a retracement back to 83.00, I might consider a short position.
Last two trading sessions have engulfed the previous day’s bullish candle. This gives hope to the bears and also looks like if price does not change immediately direction, there is room for it to reach down to the 80.50 level.
Once the market opens, I will look at the 4 hour chart and look for further indication from there for a possible short entry.
This material is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results.
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