We have some important levels to watch over the next 24 to 48 hours so let’s jump straight into it.
The 1.0025 level on AUDCAD has served as an important inflection point for some time. I’m watching this level tonight into tomorrow to see if we can get a sell signal on the 4 hour or even 1 hour chart.
Next up is AUDNZD, which formed a bearish pin bar today below the 1.071 level, which recently acted as support. This bearish pin bar comes on the heels of a weekly bearish pin bar that formed last week at the same level.
I’m not overly fond of trading this pair at the moment only because its been somewhat unpredictable of late. Also the fact that I think there are better potential opportunities in AUDCAD and CADCHF, which we’ll get to in a moment.
The .836 level on CADCHF is a level I’ve been talking about quite a lot, and for good reason. It recently served as resistance and also intersects with the trend line from June 6th.
On top of that it’s the 50% level from the swing low on July 1st. I’m currently watching to see how the market reacts to the level. I do expect to see (at a minimum) some sideways movement after today’s aggressive move down.
Last on the list is NZDJPY. Although not much to do at the moment, the pair does appear to have broken trend line support.
I’m looking lower to 88.65.
