Two Less Popular Currency Pairs Analysed

Colibri Trader Colibri Trader

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.

Author

Colibri Trader

Colibri Trader, as he is known in the circles, is based in London, UK. He Started his career in one of the leading prop trading houses at the time and then has moved out to form his own company- Colibri Trader Limited.

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