Forex commentary 3th February 2015

Last week I described here interesting opportunities that were offered for trading.

AUD/CAD

Last week, it was created a nice PIN bar on the AUD/CAD weekly chart, which signaled that the price will likely go down – I wrote about it here. It was created in the direction of the longer-term downtrend and at important S/R that has been tested many times in the past.

The price starts to fall down nicely thanks to that PIN bar:

By looking at the daily chart it was also obvious that the higher prices are refused:

Today the price begins to fall down nicely:

 

USD/CAD

14 days ago I wrote here about nice PIN bar created on the USD/CAD, which has formed on the daily chart. PIN was created in the strong uptrend. Price soared up nicely after this PIN bar, which is seen in the following picture.

 

AUD/USD

Last week I also wrote about the pin bar that formed on the daily AUD/USD chart. PIN was created in a strong downtrend and in addition at important S/R level.

 

Next day, the price immediately started to fall down nicely thanks to this PIN bar:

 

USD/JPY

In recent days, this pair has created an interesting situation – a few inside bars in a row and it was made nice chop here. The market goes sideways (neither up nor down), the price here accumulates. These situations are often followed by a sharp movement in one direction, often in the direction of the previous trend, which is upward. I personally guess the move downward in the beginning to an important support level 116.10 and then upward to short-term resistance around 120.70.

 

EUR/USD

A similar situation as on USD/JPY. In the last week they were made some inside bars in the row. On this pair is obvious strong downtrend. I personally have a pending sell order and am waiting for the breakout through 1.1260, thence the price could drop at least to the short-term support level 1.1100. If it breaks upwards, I’ll wait for the signal to sell somewhere around level 1.1425 to 1.1460, which is short-term resistance.

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