GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The bullish trend on the cable seem to have lost steam. Price lost ground slightly at the close of trading today, giving off, an Inside bar Price Action Setup at about key Resistance. If we consider the fact that the pair had previously shown bullish weakness as pointed out on the commentary of May 2, price could therefore target the near support as indicated on the chart above. 

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USDCAD Price Action: Pin Bar Price Action Setup.

 

 The pair looks set to continue with its more recent bearish trend as the pair closed closed with a Bearish Pin Bar at the close of Trading on Friday May 05, 2013. Expectations are for price to trade lower in an attempt to reach the Key Support Zone as depicted on the chart above.

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USDJPY Price Action: Pivot Bottom Price Action Setup, pulls higher.

 

An Inside Pin Price Action Setup discussed on May 1, 2013 resulted in a Pivot bottom Price Action Setup which has now pulled higher. Price should aim to target resistance at 99.76. 

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GBPUSD Price Action: Pin Bar Price Action Setup, moving lower. May 2, 2013

 

The Cable has shown reluctance to being sold off unlike it's Euro cousin, following the Pin Bar Price Action Setup discussed in yesterday's commentary. However, price remains around key resistance Zone, so we could still see some reasonable selloff by the end of the week. Supports are found as shown on the chart.

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EURUSD Price Action: Pin Bar Price Action Setup explodes lower. May 2, 2013

 

 1.3200 zone has shown to be a strong rock holding down the euro. I did point that traders should keep an eye on price action around this zone. A pin Bar, formed at the close of trading yesterday has lead to a massive selloff of the pair. It could be argued that the ECB president was responsible for this move with his very Dovish Press Conference but Price Action had prepared us for this with that Pin bar.

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USDJPY Price Action: Inside Pin Bar Price Action Setup. May 1, 2013

 

 At my last commentary of the yen, I pointed out that the pair had approached a key resistance. Price has so far, rotated past immediate support around 97.64, (which now acts as resistance) and could target even lower prices however, the pair is within key support zone and buyers could move in at these prices. The Inside Pin bar Price Action Setup is a further reason to anticipate bulls coming in to push prices higher but The previous support now turned resistance has got to be broken for a any reasonable bullishness on this pair.

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GBPUSD Price Action: Pin Bar Price Action Setup, 1/05/2013

 

 The Cable has been on a very dominant bullish run but appears to be slowing at this time. Today's candle closed as a Pin Bar, but going by the strength of this trend, it would be safer to wait for rotations back into supports to join the more dominant bullish trend. However, if price continues higher, we will look to make sell entries pending price Action at resistance just above.

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