Posts

GBPJPY (26th November to 30th November, 2018)

We have a confluence on this pair, i.e. a combination of more than one price action signals/patterns. A close look on the weekly time frame reveals a clear descending price channel coupled with a near-term support level at the price of 143.964.

Summary:  We’ll be keen to watch for reversal price action signals at this near-term support level to go long, unless the selling power pushes the prices on this pair further down, whereby we’ll rejoin the down-trend to the lower boundary of the price channel.

AUDCAD (19th November to 23rd November)

The pair recently bounced off the major support area as highlighted in yellow, forming a series of strong bullish weekly candlesticks. The bullish momentum has been quite strong. The price is now at a significant zone which acted as the previous support. The prices might stall, reverse, or continue with the momentum (.i.e. if buyers have enough strength).

Summary: We will therefore be watching the market behavior of this pair around this zone, for price action to guide us on which direction the pair will be headed in the coming days and weeks.