Forex pairs to observe
Most pairs are currently retracing and we should see allot of opportunities coming up in the next couple days. The pairs i am currently focusing on are....
Aud.Cad & Aud.Usd
Looks like Aud.Cad finished its retracement on the daily and is ready to continue further north. On the 1H chart we can see this pair currently retracing towards support levels around 1.0700 area. If support holds I will be looking to go long on this pair with a fib target of 1.0788. Aud.Usd broke out of the flag and is ready to rally above it. I’m looking for the bulls to take out the 1.0784 area for the confirmation of the break out. If the bulls succeed ill be looking to go long. If they don’t succeed this pair might u-turn back into the channel.
Eur.Usd and Gbp.Usd
Eur.Usd is about to finish its retracement and continue its rally north. Very simple set up, a bullish formation + counter trend line break might justify a long entry on this pair. Gbp.Usd is also currently finishing up its retracement and is ready to u-turn towards the north. This pair does have the ability to drop a bit lower to strong support levels around 1.5774. The bulls will be after 1.5927 with a fib target of the sub-swing at 1.6053.
This pair had a fantastic move north over the last couple days and is currently retracing on the higher time frames. At the moment it is heading towards support levels around 79.50-79.90 and if support holds I will be looking for long opportunities. If support doesn’t hold this pair will gravitate towards its outer trendline and if the bulls don’t take charge at that point, ill stop looking for long opportunities.