Recently in our previous market commentary on this pair, we pointed out the the classic pin bar setup sported at the major resistance on the daily chart payed off quite well. We also mentioned that the pair was sitting on a support as at the time of the analysis and needed to break the support before we see more sell. Today however the GBPUSD completed a bearish fakey setup after breaking through the support level of 1.6166 as mentioned before. If the bearish pressure continues to mount hard, the pair is expected to fall to the support levels as illustrated above respectively.
The USDCAD at the close of the New york session formed a bullish pin bar off 21 and 8 ema dynamic support level. considering the recent bullish momentum by the pair, this could be a pointer that we may possible see the bullish move extend further to a resistance level of 1.0056 in the coming days.
Last week we had a classic pin bar setup for a sell of a horizontal resistance level on the daily chart. we however saw a 50% retracement on the pin bar before we finally saw a total collapse of price. the pair is currently sitting on a support level of 1.6166 and could see a further in coming days. The market is likely to slow down next week due to the Christmas holidays across the world.
The above is a sell trade on AUDJPY. In our member area we discussed the minor fakey setup on the pair. we pointed out that the fakey setup could be an indication that the bulls are wearing out. today how ever, we see that the fakey setup pulled off and I hope our members took advantage of it.
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EURUSD finally showed some signs of slowing down and possibly reversing with a very clear Pin bar forming at the close of trading today. This is a classic counter trend trade signal and could fetch about 160pips.
The GBPCHF formed a fakey setup with a doji on a horizontal support level. This could see the pair push up to the dynamic resistance level of 1.4908 where we watch out for a possible price action setup to sell. IF price happens to break and close above the dynamic resistance level, we could see it sour up to the key resistance level as illustrated above.
AUDUSD trades within resistance Zone however, at the close of trading today, a fakey was spotted as price failed to close below the inside bar trade setup at the resistance zone. Following this setup, price could shoot further higher into resistance zone but if this fails, we will wait as price moves lower into support at about 1.0475.
This trade is a simple demonstration of trading with discipline and patience on the daily chart.
The USDCAD has been on a bearish trend for over three weeks and counting. today’s bearish rejection candle off a significant confluence level on the daily chart could be a pointer that we may see more bears to follows in coming days. If price keeps trading lower, we may see a fall to the support levels illustrated in the above chart respectively.
The precious metal formed a fakey setup on an obvious horizontal support level on the daily chart. if price is contained above this support level as illustrated above, we may as well it move towards the resistance level of 1722 in coming days.