Daily Price Action
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Price Action Setups: Is GBPUSD Trying to Tell Us Something?

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GBPUSD finally gave us something to work with today. This is the level I mentioned a while back that would become interesting with the right setup.

So is today’s bearish pin bar the right setup? That depends on the way you trade. For the way I trade, this is looking pretty good.

The only thing I don’t like is that we’re still in an uptrend; despite the fact that the pair broke trend line support last week. Still, I do think the pair will soon see the next support level at 1.666.

gbpusd daily forex chart

NZDCHF broke channel support today. This channel goes back to February of this year, so not a huge level. But I do think this is significant enough for a continuation lower.

We may see a retrace to the .7580 area before the pair is ready for the next move lower.

nzdchf price action chart

The CADJPY bullish pin bar from yesterday is still in play. For those comfortable using the 50% pin bar entry, today’s price action was actually beneficial as it would have triggered any entry to go long.

Important to note that the daily chart has put in three consecutive bullish pin bars.

cadjpy bullish pin bar

As promised in yesterday’s post, here is the next resistance level I’m watching for CADJPY should the pair break the 94 level.

cadjpy forex daily chart

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