Nothing in the form of a buy signal today for USDCAD, which is the pair we discussed yesterday. From here I’m looking lower to 1.056 as possible support. More on this one in the days and weeks to come.
In the meantime let’s look at the bullish pin bar setup on CADJPY that we discussed back on June 26th. I’m still riding this one out from a long entry of 94.96. After today’s push higher, the next resistance (target) of 95.88 looks to be in focus this week.
Here’s another little hint as to what I do all day, or at least part of it. 😉
I tweeted about EURAUD earlier today, mentioning this wedge break on the 4 hour chart. Although there was no price action sell signal per say, this was still a sell for me. One reason I like this area is because if the market breaks down further past the recent low at 1.436, the next key support doesn’t appear to come in until 1.412.
Although there’s no clear evidence to support an eventual break of 1.436, the strong bearish momentum, today’s breakdown on the 4 hour chart and the extremely favorable risk to reward ratio was enough for me. This type of setup is something I go over as a more advanced strategy in the price action course.
Speaking of the price action course, today is the day! I’m expecting to have the course (member’s community) all set up and ready to go this evening. I will also be updating the course page throughout the week, which I’ve already started to do.
One last thing on that, I’ll be offering a heavy discount for the first 50 members. Be sure to see the course page at the link above over the next 24 hours for more details on this.
Similar to EURAUD is the EURGBP, which also broke down today. This wedge is best seen on the 4 hour chart but I wanted to point out that it all started from the bearish pin bar below.
The pair isn’t out of the woods yet as .7970 continues to play the role of support. Break that, however, and things could get interesting as I’m seeing a lot of white space to the downside.
One last note. The reason EURGBP is similar to EURAUD is because these two pairs share a strong correlation on the daily time frame. Keep this in mind if you’re considering trading these pairs.
