gbp/usd is ready for range breakout ,let see what is the story after ny closes.
What makes you say that vasude?
because of price action only,its testing the resistance ,we can see whether it closes firm above or not mich ji.
Very nice inside bar in EUR/NZD yesterday and a new high out of the range. Letâs wait for the close.
The chart that PFCI has posted above is now in the process of forming an outside bar for todays candle. The pair is in a long term bear trend. Where the pair has bounced however on the chart above is actually a long term bottom of a weekly descending channel. I think this could be the start of a large correction and the risk reward could be suitable to go long. what do you guys think?
Daily Chart
Weekly Chart
The EUR/AUD has bounced and rallied off a long term weekly descending channel now for the past 7 sessions. The weekly chart has bullish momentum and also last week made a two bar reversal (i think i am correct in saying this. Please correct me if i am wrong)
The daily broke yesterdays inside bar today aswell as resistance at 1.1840. I might play this break of this momentum bar higher if we see a retrace or pause through the asian session and a break higher on London open. I will have an open objective however i will aim for 1:3.
I think the odds for this trade stack up. I have also noticed the AUD/USD didnt make much of a move today when the rest of the pairs did which indicates weakness.
What do you guys think about this trade?
Is this the AUDNZD chart???
Corrected my bad!
The EURAUD and EURNZD both look interesting.
l am looking at this pair too.GBPAUD.
Its not unlike the other two. l like it because its broken above the 20ema, had a couple of opens/closes above it and now has printed what some traders refer to as a minor fakey i.e. there has been a false break of an inside bar. Plus its rejected the BRN of 1.50.
Last time it broke above the 20ema it stayed above it for 1100+ pips!
This might be a trade!
I am glad you have highlighted this pair to me. I am bullish on the GBP and also bearish on the AUD this could be a great trade. I am going to look into this myself!
GoodâŚgood luck!
One slight reservation is that it is still below the 50sma on the daily. However it has broken through the 200 sma on the 4hr when you look inside the daily candle.
Its not got everything going for it but momentum is up on the weekly but it can be a volatile pair, so we have to tread carefully.
lâm in two minds still about this GBPAUD trade, so lâm going to be conservative and stay out for now and await further deveopments.
Good luck if you take it matt!
Hey everyone,
I see you guys have been engaging in some good discussion about price action on the charts. There isnât a whole lot going on in my view, there has been a lot of consolidation but it looks like last session we seen a few breakouts out of consolidation patterns so we could see the market start to move now.
We could start to look for long signals after price corrections now at the valid areas on the chart.
I am looking at the Inside Bar on the AUDUSD which is just sitting on the channel low. Price did break higher yesterday but has retraced back down lower again today. I am watching to see if price will break past the highs again for a possible long trade.
DNB in my opinion the AUD/USD yesterday may have made a false break. It was weak compared with all the other currencies and the EUR/AUD and GBP/AUD are breaking higher into what looks like new trends. I think this may break the daily channel. Just my thoughtsâŚ
There is a good chance it will matt,
I am sitting on the fence at the moment, with all the ârisk-appetiteâ going on you would think the AUD would follow suit. But if it breaks the channel low we could see a larger move downward. Generally when the AUD dies, it dies fast n hard lol.
Thats what i noticed yesterday that it didnât follow the other ârisk-onâ currencies. Risk appetite however often weakens the dollar so the AUD will have to sell off hard for the AUD/USD rate to drop.
The pound has been very bullish over the other pairs. Think itâs one of the strongest currencies in the week.
This GBP/CAD setup is also very good. If it break that descending trendline iâll add to my position.
Missed this. The market has got away from me now Iâm going to have to hope for a retrace. I know we donât trade asian breakouts but I often find on the AUD pairs if I wait till the morning before London open the AUD has already moved overnight! Does anyone set orders to trigger over night for AUD pairs incase on a strong move?
You can still trade Asian breakouts, itâs just the real early breakouts in the Asian session that I avoid. If there is a breakout toward the end of the Asian session then thatâs alright for me.
The problem I have is I am on gmt +1 so if I set an order before I go to bed it could get triggered during a false break but if I donât I miss out like I did last night. Hmm maybe i have to set orders and if I am at a loss in the morning then exit. This could happen more times than it suceeds tho 