Daily Price Action
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Price Action Setups – AUDUSD, USDJPY and EURNZD

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The AUDUSD formed another inside bar today. This inside bar is almost the exact same size as the one we had form two days ago. Price action continues to look constructive, so the odds of reaching the .942 level remains favorable for the moment.

audusd daily chart

The USDJPY has been forming a wedge since early March. The wedge is coming off a strong uptrend, so statistics tell us that a break to the upside is favored.

However, the pair has been hugging the bottom trend line throughout this wedge formation. This tells me that statistics may not hold true this time around. As always, only time will tell.

usdjpy daily chart

I mentioned the EURNZD pin bar in yesterday’s post and today we saw the market break lower. We didn’t quite get the pullback to the 50% area, but still a nice gain for those who caught it.

eurnzd daily chart

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4 comments
kenny says

waiting for weekend update from Bennett

Reply
    Justin Bennett says

    This is the weekend update 🙂 The next update will come after Monday’s close.

    Reply
Cornel says

Could the pin bar in the usdcad 4H be describe as a bearish bar , is it still a valid trade setup?

Reply
    Justin Bennett says

    It is a bearish pin bar, however there are two main reasons I personally wouldn’t call it a valid setup…

    1. It’s fighting the uptrend. Short-term trend is down but I wouldn’t want to fight the strong daily uptrend that started in late 2012.

    2. Price action didn’t reject a key level

    Let me know if that makes sense.

    Reply
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