NZDUSD Price Action: Fakey Trade Setup, pulls off 03/04/2013

 

A Fakey was spotted at the close of trading on Monday 1st April and price has traded higher afterwards. This setup was traded in the Trade Room and a 1:3 reward has already been met, though there still are possibilities of price reaching Resistance at about 0.8460.

My Recommendation: Look out for Price Action Trade Setups as price approaches resistance

EURUSD Price Action: Closing Price Reversal Trade Setup, 03/04/2013

EURUSD failed in its attempt to break above resistance at about 1.2870 giving off a Closing Price Reversal Price Action Setup. If this failed break is sustained, price would head lower in the coming days.

My Recommendation: One more trading day's close is needed to ascertain if this setup is trad-able.

GBPUSD Price Action: Bullish Two Bar Reversal Trade Setup, 03/04/2013

GBPUSD seems to have finally succumbed to the bearish pressure from the resistance just above at about 1.5260 as price was convincingly rejected at about that zone at the close of the day's trading. A Bullish Two Bar Reversal Price Action Setup ensures as a result and if this setup pulls off, price could head towards support at about 1.4830.

My Recommendation: One more trading day's close would be necessary to ascertain the true value of this setup.

EURJPY Price Action: Inside Pin Bar Trade Setup, Fails. 02/04/2013

 

 In yesterday's price Action Commentary, I pointed out the Inside Pin Bar Trade Setup on this pair which has effectively failed by the close of the day's trading, as market closed below support as well as the mother bar of the inside pin bar. I did point out that it was neccesary to wait one more day to get a clearer view on the setup. 

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EURUSD Price Action: Fakey Setup, 02/04/2013

 

 The Fakey setup on this pair should be able to send prices higher pending its ability to break above resistance just above at about 1.2870 with target about 1.2994. But if the Resistance fails to give way, the major bearish trend should kick in. The trade room is already long on this setup.

My Recommendation: If you aren't already long on this pair, wait out price action at resistance.

EURAUD Price Action: Sell setups being awaited. 02/04/2013

 

The EURAUD has pulled reasonably higher off its recent lows however, the bearish pressure on the pair remains as we look to sell the pair on rotations into resistance zone at about 1.2450 pending price Action.

My Recommendation: A day or two days wait will be needed to make a reasonable deduction from its price Action.

GBPJPY Price Action: Break of support, 02/04/2013

 

There has been a break of support on the pair. This support has hitherto seemed able to provide bullishness on the pair with the previous Inside Pin Bar Price Action Setup.  Expectations now fall towards more bears in the coming days on this pair.

My Recommendation: Look out for intraday or daily short setups to join this bearish trend.