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Price Action Setups – Decision Time for EURAUD

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We looked at EURAUD yesterday, noting that the pair had broken a bearish wedge formation and subsequently found trend line support. That support held up overnight, enough so that the market was able to retest the underside of the former trend line.

It’s now time for the market to make up its mind. Given the recent bearish momentum, I have to be more biased to the downside. Having said that follow-through is hard to come by these days so we’ll just have to wait and see.

euraud daily forex chart

CADJPY has formed a nice level of potential support best seen on the 4 hour chart. Given the strong momentum recently I like this pair higher from here.

Any retrace into the 95.14 area could represent a nice opportunity to buy given the right price action signal.

cadjpy daily forex chart

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