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Price Action Setups: AUDUSD, CADJPY, USDJPY and GBPUSD

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Although we’re starting to see an increase in activity across the Forex market, many of the movements appear erratic as some currency pairs await further direction from upcoming event risk.

One pair that has been performing well technically for quite some time is AUDUSD. The pair had recently broken down from a 5 month topping pattern and has found some support this week around the .899 level.

From here we can watch for bearish price action at the next two resistance levels in .913 and .921. It goes without saying that .921 is the more significant between the two.

Summary: Watch for bearish price action at .913. If the market is able to breach this level we can look to .921 for bearish price action. A bearish price action signal on the daily chart is ideal to confirm a potential reversal.

audusd forex daily chart

I mentioned CADJPY yesterday as the pair continued to fight trend line resistance from May of 2013. Today we saw the pair close above this level for the second time this month.

Given last week’s false break on the daily time frame, I would like to see this pair hold above trend line resistance on a weekly basis before considering a long position.

Summary: No trade at the moment. Let’s see how this pair holds up throughout the rest of the week.

cadjpy daily forex chart

USDJPY analysis

usdjpy 4 hour forex chart

GBPUSD analysis

gbpusd daily forex chart

 

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