We have several Aussie pairs that are lining up nicely for us so let’s jump right into it.
The first pair on the list is AUDCAD, which formed a pin bar / inside bar combo today. We were recently watching (and trading) this market as it broke out of trend line resistance on July 25th. The market is now testing the highs made in early August.
A trend line drawn from the April 28th high would suggest that this pair may have overcome yet another resistance level today, closing the day with a bullish pin bar. Because today’s price action is both a pin bar and inside bar we can trade it either way. However the only way to get a favorable risk to reward ratio is to trade it as a pin bar with a 50% entry.
Summary: Potential to trade this as a bullish pin bar with a 50% entry. The next key level comes in at 1.0257 and then 1.034, which is represented by the highs from April.
AUDNZD finally broke out of channel resistance from December of last year. From here we should see strong support come in around 1.110
Summary: Wait for a retest of former channel resistance, now support, and then watch for bullish price action.
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