GBPJPY Makes New High : AUDCHF Stops To Breakeven
Wed 1st November 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- AUDCHF (Covered In Video)
- GBPCAD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
JPY continues to appear as a weak currency on our live forex strength vs weakness tables.
The USD and GBP appear as strong, this means we can look for long ideas on USDJPY and GBPJPY.
However, we have high impact US data out today and 12.15pm so trading USDJPY could be problematic in the near term.
This brings us on to GBPJPY where price has recently traded higher from the key daily (D1) support of 181.00.
It has also breached a trend line support on the D1 time frame, which formed from the highs on 22nd August 2023.
For further confluence we can see the price is above previous D1 highs at 193.70.
We are now waiting to see if this bullish momentum will continue today, price is currently trading below the 30 minute 50 moving average.
If however price were to break and close above this 30 min time frame 50 moving average, we could look for a continuation of this lower time frame trend.
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