Trade With The Forex Market: Not Against It !
Tues 16th May 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- CADJPY (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDCAD (Covered In Video)
- GBPAUD (Covered In Video)
Primary Focus Pair: Overview
CADJPY
JPY remains top of the trend traders tables as the weakest currency.
JPY weakening highlights the risk on environment the forex market is in currently.
CAD appeared as a stronger currency on both tables, suggesting CADJPY prices could trade higher.
CADJPY is currently trading above the key highs at 100.75.
If price is going to trade higher, buyers could look to target the 102.00 resistance zone above.
This could offer buyers a 125 pip target, if they were to take advantage of a move.
Looking at the chart, this type of trade could be best suited to a day trader.
Price has pulled back into a previous area of resistance, and is finding support.
However, the lower time frame does not agree with the bias just yet
In fact, during the video we spotted a change in the tables, seeing CAD remove itself and GBP enter as a strong currency.
This information can be useful, as it shows us that CAD may not be the one to watch just yet.
What it tells us is that we should wait for the lower time frame to agree with the tables.
If price were to make a new higher high on the 15 minute time frame, and CAD reappeared on the strong side of the tables, then we could look to go long a pullback trading opportunity.
