Another calm day for the markets as the Pound took a breather from its multi-week downtrend.
One pair we’ve been discussing quite a bit is AUDJPY ever since the pair put in a large bullish pin bar at support. We never did get the retrace that we needed for a favorable entry, however the market is showing that it’s still range-bound, at least for now.
Let’s keep an eye on the 96.0 area over the next week for bearish price action. As long as this market continues to trade within this range I will look to trade at both support and resistance.
Summary: Keep an eye on 96.0 for bearish price action on the daily chart.
We looked at EURGBP yesterday as the pair formed a large bullish outside bar above support. Although we didn’t get the pullback to the .7968 support level, today’s bearish pin bar may be a sign that a pullback is in the works.
Summary: Nothing to do at the moment. Watch the .7968 level for bullish price action over the next few days.
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