Want more price action setups? Join our Exclusive Member’s Community
Our GBPNZD setup from yesterday played out nicely today as the market fell 130 pips. From here we can expect the 1.96 area to provide support.
If that support levels is broken there is trend line support from the March 37th low which should come in around 1.956, dependent of course on when (if) the market reaches that support level.
Summary: For those in this trade, look to 1.96 as support and possibly trend line support from the March 37th low.
CADJPY is coming up on a very interesting level around 97.20. This area is represented by trend line resistance from May of 2013 as well as channel resistance from recent lows.
This pair has been trending nicely since mid June so let’s keep an eye out for a possible reversal.
One thing I do want to point out is that trading a reversal such as this takes extra prudence and patience. There is a possibility that the channel above is part of a larger bull flag, so only a large, well-defined bearish pin bar at resistance will signal that this market might be ready to turn.
Summary: Watch for bearish price action on the daily time frame as the pair approaches key resistance at 97.20.
Join the Daily Price Action Member’s Community