Daily Price Action

Price Action Setups – GBPJPY, CADJPY and AUDNZD


The GBPJPY continued its battle with resistance today. However, it does appear to have broken near-term resistance at the 172.8 level. In typical fashion of the GBPJPY, the price action on the 4 hour chart has been fairly choppy. Nonetheless, the daily close represents the highest since January 22nd of this year.

gbpjpy daily chart

The CADJPY put in a bullish pin bar off a key level today. Although this pair has been moving sideways for the past couple weeks, it does look poised to retest the bottom of the recent trend line (see weekly chart below). Tomorrow may give us the answer of whether or not the 93.16 level will hold.

cadjpy daily chart

CADJPY weekly chart…

cadjpy weekly chart

The AUDNZD continues to move within this range that started at the beginning of the year. Because the larger trend is down, a break of the lower level is favored in this situation. Typically a range like this that comes off a strong trend is a continuation pattern. The coming weeks should provide us with an answer.

audnzd daily chart

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