Daily Price Action
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Price Action Setups – AUDUSD and USDCHF

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After yesterday’s impressive move up, price action on the AUDUSD took a breather. We had an inside bar form today as a sign that the market is cooling off from yesterday’s move. Whether this inside bar is a signal that price will continue to the .942 area has yet to be seen.

Having said that, in this scenario a break higher is more likely than a break lower. The question becomes, will price retrace further before the rally continues? We should know the answer in about an hour 😉

audusd daily chart

The USDCHF also formed an inside bar today. It should be noted that there are recent lows from March that may cap a further move down, at least temporarily.

usdchf daily chart

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7 comments
Colin says

thanks for the heads up Justin, both these trades are panning out nicely, usd/chf since yesterday – yep sat through that pullback today however more downward pressure may continue once the later session tonight kicks in. The aud/usd I just got in a few hrs ago based on that support zone around 93200 and the tweet you sent out earlier. Have my stops in and no risk on the board. thanks again ….

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    Justin Bennett says

    Hey Colin, way to stay disciplined through the pullback. You’re reaping the rewards now.

    Glad you’re finding the trade updates useful.

    Reply
Justin Bennett says

USDCHF reacting to those lows from March that I mentioned in yesterday’s post…

“It should be noted that there are recent lows from March that may cap a further move down, at least temporarily.”

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Cornel says

What should be Tp and sl level for eurnzd, for Audusd pair should I go for long?

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    Justin Bennett says

    Cornel, the charts I post are just my observations of key levels and interesting setups. To provide take profit and stop loss levels would be a disservice to everyone here. I’d rather you think of the charts I post as general guidelines, not signals of when or how to trade.

    That said, I do think AUDUSD is too close to resistance at the moment. Waiting for a clean break (and valid trade setup) above .942 would be more prudent.

    Thanks for your questions!

    Reply
kenny says

USDCHF did not move break the low?

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