Trading Made Simple With Our Forex Tables

Fri 26th May 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPAUD (Primary Focus Pair)
• NZDJPY (Covered In Video)
• USDJPY (Covered In Video)
• AUDUSD (Covered In Video)

Primary Focus Pair: Overview

NZDJPY

At the start of this week we featured NZDJPY as a forex pair to watch, due to its presence at the top of our forex strength vs weakness tables.

However, when we surveyed a price chart of NZDJPY, we noticed very quickly that price was at resistance.

In fact it was at a weekly range high, which was not to be ignored.

This left us with no other option than to leave this chart alone, which was the best solution as price reversed from the range highs. 

USDJPY

USDJPY was and is still featured on our live forex strength vs weakness tables for further buying opportunities.

In a video earlier this week we identified two long entry possibilities.

One was to wait for price to retrace back to the lows and key support of 137.50.

The second was to wait for price to break through the daily candlestick highs at 138.75.

Either of these trades would have been ideal as price has continued to trade higher, heading towards key resistance at 142.00.

Depending on which entry you took you would be in profit by 100-200 pips.

AUDUSD

We expected further downside in the price of AUDUSD this week. 

Price was trading within a long term range between highs of 0.6800 and lows of 0.6575.

We forecast that price would retest the range lows and potentially trade through them to head to support of 0.6525.

We were looking to short on an hourly time frame if price pulled back into previous minor highs, instead price consolidated and broke lower, offering traders an 80 pip profit. 

GBPAUD

GBP introduced itself to our forex strength vs weakness tables on Wednesday this week offering us long ideas against weaker currencies.

This left us looking at GBPAUD for long trading ideas.

Price had recently traded through minor range highs at 1.8775, which we identified as a useful area for price to retest for a long opportunity.

However, price continued to push higher without looking back, forcing us to look for alternative entry options. 

Buyers could be looking to target key resistance levels at 1.9000 and 1.9150.

GBP however has left the tables now, meaning we need to wait before going long on this forex pair again.