Price Action Setups – GBPJPY, EURAUD and AUDUSD

·    April 29, 2014

·      April 29, 2014

·    April 29, 2014

GBPJPY looks to have broken out of the wedge that’s been forming for the past 3 months. Because the breakout was not overly convincing, it can be somewhat subjective depending on where you have your lines drawn. The coming days should confirm whether this is a true breakout.

gbpjpy daily chart

If we look at the GBPJPY weekly chart, we can see that the next key resistance looks to come in around the 179 level. We have to go back so far because price is currently at pre 2008 levels.

gbpjpy weekly price action

EURAUD touched the 1.5 level today, just as I mentioned it might in yesterday’s post. From here, we’ll have to see if price can find its footing to break through the 1.5 level. Immediate support may come in around the 1.483 level or dynamic support provided by the moving averages as seen on the chart below.

euraud daily chart

The AUDUSD almost formed a pin bar today. Although this was a bullish formation, it’s not quite a pin bar because the tail isn’t 2/3 of the entire body of the bar. If it is, it’s very close. Either way I prefer not to trade pin bars unless they’re very obvious. We can also see immediate resistance just above current levels at the .93 area.

audusd daily chart

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