Daily Price Action
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Price Action Setups – AUDCAD Forms Bullish Pin Bar at Support

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Today we saw bullish price action on AUDCAD, forming a pin bar on the daily chart after rejecting a key level. If you mark these levels on your AUDCAD daily chart and look back to 2012 you’ll notice these are all key levels in the market. With the current bullish momentum and pin bar today, I wouldn’t be surprised to see price test the 1.042 level in the coming weeks.

price action setup for audcad chart

Key levels for AUDCAD.

audcad chart key price action levels

The NZDJPY formed a bullish pin bar on the daily chart today after holding the 88.1 level, which has served as recent resistance and now support. This pair has been in an overall bullish uptrend since 2012. If the price action today is any indicator, this pair may test recent highs in the coming week around the 89 level.

nzdjpy price action setup

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3 comments
Colin Taylor says

great stuff — in regards to the aud/cad where would you draw your next level of resistance – there seems to be a lot of chop above this level on the weekly would you pick the 04000 level or the 05400 why so and if neither of these levels which one and why? thanks all the best – Alpha

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Colin Taylor says

and then to really add to the mix if I go out to the monthly it does clear things up but I don’t see any real ceiling until 06000 – 07000 area – would you go out to the monthly to get clearer view or NO? I understand we trade daily and below and the monthly is probably to far out? Let me know your thoughts on this? thanks mate

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    Justin Bennett says

    Colin,

    Thanks for sharing this question. I’ve added a new chart of AUDCAD above.

    The best advice I can give is to not over-complicate it. If you’re trading the daily chart, identify your levels on the daily chart. I’ll sometimes look at the weekly, but 99% of my levels are drawn from the daily time frame.

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