We Made 130 Pips Yesterday: What’s Next ?
Wed 17th May 2023 : Daily Forex Price Action
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.
