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Tues 30th May 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

  • CADJPY (Primary Focus Pair)
  • EURGBP (Covered In Video)
  • EURCAD (Covered In Video)
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Primary Focus Pair: Trade Plan & Details

Details:

CADJPY could be forming a bullish trading opportunity.

CAD featured on our forex strength vs weakness tables as a strong currency, and JPY as a weak one.

Meaning our bias towards CADJPY is to buy on pullbacks.

As I write, price is currently forming an opportunity after a pullback.

On our higher time frames we can see CADJPY is trading above key resistance of 102.00.

This could lead to buyers targeting another level of resistance such as 104.50.

Our 4hr time frame shows price making higher highs and lows, and price is retesting previous highs.

On the H1 chart, price is finding support at previous lows and a 50 moving average. 

This could be an area where buyers begin to get involved with this market again.

Live Forex Charts - CADJPY - How to Find A Trending Forex Pair To Trade - Charles Clifton Forex Trader - 1-2-1 Forex Trader Training Courses - charlesclifton.co.uk- 30-05-23

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