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Price Action Setups: GBPCAD, AUDNZD and NZDJPY

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A lot of great trading this week. I trust that everyone profited nicely with some of the setups that were released.

One pair that made a major statement this past week but didn’t provide us with a sell signal is GBPCAD. The pair had formerly been trading within an equidistant channel for 7 months before breaking support on Wednesday.

Although today formed a bullish pin bar, I don’t see much of a recovery taking place here with two resistance levels looming above.

Summary: Watch for bearish price action between 1.787 and 1.794. If the pair can break this past week’s low, the next key support doesn’t appear to come in until the 1.736 region, giving us about 500 pips to work with. While that may sound extreme, just keep in mind that this market has rallied 3,400 pips without a major pullback.

gbpcad daily forex chart

AUDNZD has been on a tear ever since break channel resistance on August 25th. Although the pair formed a bearish pin bar to end the week, it did so above new support.

The 1.121 level served as important support for the pair last year. Given the fact that the market closed the week above this level, I would expect it to now serve as support once more.

audnzd daily forex chart

Summary: Watch for bullish price action at 1.121. If that level falls we can look to former channel resistance around 1.113. The next key resistance comes in at 1.144.

audnzd daily forex chart

NZDJPY analysis

nzdjpy daily forex chart

 

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