Three promising setups on pairs without the USD: NZDJPY, EURAUD and GBPCAD
Today on the video, we do have two occasions for the future which may be good for using pending orders and one, which is good right here, right now. The first setup is on the NZDJPY , which is on the long-term horizontal support around the 75.7 support. The price closing below the opening from today will be a strong sell signal.
The next one is the EURAUD , which is going down despite a good occasion for a bullish reversal. Buyers had it all: up trendline, horizontal support a flag and a possible iH&S. As for now, it looks like they will not use it and the price may go down. For a sell signal, we need to see the breakout of the green area.
Next one is the GBPCAD , which is currently showing the main principle of the Price Action. Broken support becomes a resistance. This resistance is the area around the 1.739 and the 38,2% Fibonacci. This setup has a very good risk to reward ratio so is definitely the one to look at.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
More From FXEMPIRE:
- AUD/USD and NZD/USD Fundamental Daily Forecast - Drop in Treasury Yields Supporting Aussie
- Natural Gas Price Fundamental Daily Forecast - EIA Storage Report Range is 89 Bcf to 105 Bcf
- Bitcoin and Ethereum Price Forecast - BTC Prices Correct Slightly