Daily Price Action
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Price Action Setups: EURUSD, EURAUD and USDCAD

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We were close to getting a few really nice pin bar setups on Friday but the market had different plans. Although we didn’t see those setups come to fruition, there are a few opportunistic levels that I’m keeping an eye on for the upcoming week.

The first pair I want to talk about is EURUSD. After breaking two trend lines in recent months, this market continues to look weak. The 1.3515 area is of interest as a key price action level as well as the 50% retrace from the July 1st high to the recent August low.

Summary: Look for price action sell signals around 1.3515 should the market rally from current levels.

eurusd daily forex chart

EURUSD weekly chart.

eurusd weekly forex chart

My favorite area to watch for the upcoming week comes from EURAUD. This pair has been forming some really clean levels for us to watch for price action sell signals.

Although I’m showing these levels on a 4 hour chart, I prefer to watch for a break below trend line support on the daily chart. This means waiting for a daily close below current trend line support before looking to join the downtrend.

The next key support doesn’t appear to come in until 1.413.

Summary: Wait for a daily close below trend line support and then look for bearish price action to join the trend. Key target would be the 1.413 area.

euraud 4 hour forex chart

Another level I really like at the moment is the 1.082 level on USDCAD. We watched (and traded) this market as it broke out from trend line support. Now that the pair has had time to consolidate and reset it looks as though the 1.082 level may prove to be the starting point for the next rally.

The 1.094 area continues to serve as resistance, however if this market is to rally again I’m more interested in a target of 1.105.

Summary: Wait for a price action buy signal at the 1.082 support area. Possible targets are 1.094 and 1.105.

usdcad daily forex chart

 

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