Daily Price Action
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Price Action Setups – GBPJPY and AUDUSD

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GBPJPY put in a daily pin bar off the bottom of a wedge that’s been forming since last year. The pair also managed a pin bar on the 4 hour chart, which I posted earlier. If the pair can maintain this wedge formation we may see price test the upper boundary around 172,50. Immediate resistance may also be found at 171.50, which marks the opening gap on Dec. 26th 2013.

price action pin bar on gbpjpy

gbpjpy wedge price action

The AUDUSD has managed to put in a bottoming pattern since late January. If the uptrend is to continue, we might find support around the .93 level, which marks multiple recent highs. As always, we would want to see a price action buy signal to confirm a setup.

audusd price action chart

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