We Made 130 Pips Yesterday: What’s Next ?
Wed 17th May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDUSD (Primary Focus Pair)
- USDJPY (Covered In Video)
- CADJPY (Covered In Video)
Primary Focus Pair: Overview
AUDUSD
USD has returned back to our live currency strength Vs weakness tables, allowing us to look for buys against weaker currencies.
Opposite to USD is AUD, this tells us that AUDUSD could trade lower.
Looking at AUDUSD on the daily time frame, we can see price is trading within a short term range.
Range highs can be found at 0.6800 and lows come in around 0.6575.
Price is currently trading below the daily 200 moving average, and below the midpoint.
This could offer us selling opportunities, targeting range lows at 0.6575.
On the H4 chart, we have identified minor resistance at previous highs around 0.6700.
If price were to retest this level and form bearish price action, we could look to sell from here.
Alternatively, on the H1 chart, price is forming lower highs and lows.
0.6670 was a previous highs on this time frame, and could be a level of resistance for a closer selling opportunity.
Technical Observations:
- AUD is W2 and USD is S1.
- Price is trading within a range, between 0.6800 highs and 0.6575 lows.
- Price is trading below the key daily 200 moving average.
- H4 chart shows minor resistance at 0.6700.
- Alternatively, day traders could look at the recent hourly highs of 0.6670 for selling opportunities.
- Sellers should look to target the range lows of 0.6575.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
