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Price Action Setups: AUDUSD and USDCAD

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The markets are certainly starting to heat up. Today we saw several currency pairs make aggressive moves, AUDUSD being one of them.

This pair has started to surrender much of its gains that were made over the past several months. In fact just in the last four days this market has plummeted nearly 300 pips.

As we trade at pre-April 2014 levels, we can see that the market broke yet another important support level today at .9130. From here it’s likely that we’ll see this market continue to tumble into the next support area, which comes in at .8990.

Summary: Watch for bearish price action on a potential retest of .9130. Next key support comes in at .8990.

audusd daily forex chart

audusd forex daily chart

USDCAD analysis

usdcad daily forex chart

 

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