Daily Price Action

GBPAUD Breaks Multi-Week Consolidation


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We have a lot of potential setups to look at today, so let’s jump right in.

GBPAUD is my top trade idea going into the last two days of the week. The pair broke out of a bull flag pattern today that began 4 weeks ago. The pattern formed after a 1,400 pip rally stalled from the September low.

From current levels we can look for a pullback to support between 1.8440 and 1.8466. The next key resistance level doesn’t come in until the October high at 1.8680. However a measured objective from the bull flag could result in a retest of the year high at 1.9180.

This pair has the ability to make explosive moves, so be sure to pay close attention over the next few days.

Summary: Wait for a pullback to support between 1.8440 and 1.8466 and then watch for bullish price action. Key resistance resides at 1.8680 with a measured objective that may take us to 1.9180.

GBPAUD daily forex chart

USDCAD is another pair that recently broke out from resistance. The pair has been in a steady uptrend since the bottom of the inverse head and shoulders pattern which formed in July.

On November 3rd the pair broke key resistance at 1.1295. As we know from basic technical analysis, we can now look for this level to act as support. The next key resistance comes in at 1.1470. A break of that level could mean a push higher to 1.1660.

Summary: Watch for bullish price action on a retest of 1.1295 as new support. Key resistance comes in at 1.1470 and 1.1660.

USDCAD 4 hour forex chart

AUDUSD analysis

AUDUSD daily forex chart

EURNZD analysis

EURNZD 4 hour forex chart

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