Daily Price Action
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Price Action Setups – AUDUSD, NZDJPY and USDCHF

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Price action across the Forex market was fairly calm today. The AUDUSD is still trapped between immediate support and resistance, however the pin bar from Friday is still front and center. We have immediate support at the .922 level as well as trend line support coming in around .926.

If the AUDUSD can break immediate resistance at .93 this week, we may see a retest of the .942 level in the coming days/weeks.

audusd daily chart

Today we saw the NZDJPY put in a bullish pin bar / inside bar combo. The trend has been up since early last year. This gives reason to believe that we may see a retest of recent highs in the coming days/weeks. The mother bar high is represented by the 88.75 level.

nzdjpy daily chart

Little change for USDCHF today. However, current price action does appear to be contained below the wedge as illustrated in the chart below. The trend has been down since last year, so a move down to retest recent lows may be in the works.

Also note the multiple pin bars that have occurred along this upper trend line…

usdchf daily chart

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5 comments
kenny says

A nice setup indeed, Price Action is the key. Which platform are you using? seems different bar on my MT4

Reply
    Justin Bennett says

    Hi Kenny, I’m on MT4 but I’m using a 5 day chart (aka New York close). This avoids Sunday bars and instead gives me five full 24 hour periods each week.
    You just gave me an idea for my next topic. I’ll write an article about it shortly.

    Thanks for the question!

    Reply
Justin Bennett says

Good question, Kenny. I’ll get a lesson up shortly.

Thanks for the feedback.

Reply
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