NZD & AUD Strengthen : JPY Appears Weak Again
Tues 10th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURAUD (Primary Focus Pair)
- EURNZD (Covered In Video)
- NZDJPY (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
AUD and NZD remain the strongest currencies on our live forex strength vs weakness tables.
EUR and JPY appear on the weak side offering us opportunities on EURNZD, EURAUD, AUDJPY and NZDJPY.
Looking at the JPY pairs both AUDJPY and NZDJPY are close to key resistance levels, removing our opportunity to trade for the time being, so we turn our attention to EURAUD since we featured EURNZD in yesterday’s analysis.
The EURNZD H1 chart pictured (Below) shows us that price has traded through a key trendline support which formed on the low of the 3rd October.
This came after price rejected the key resistance highs on this H1 chart of 1.6600-1.6625.
If price is going to trade lower here it could target the support zones on the H1 chart of 1.6450, 1.6400 or 1.6325.
To get short in this market we have identified a recent high around 1.6540 on the H1 chart. If price can retest this and reject, it could offer us an opportunity to trade short.
A rejection of 1.6540, could see us sell stop at 1.6520 to try and trade with the bearish momentum of the market.
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