GBPUSD Price Action: Pin Bar Price Action Setup, leads to break of near support. May 10, 2013

 

On May 6, which was the previous commentary I ran on the GBPUSD, I did mention that the pair was now showing significant bullish weakness, with expectations towards rejoining the bulls, at the instance of a significant price Action setup at Support. Incidentally, that support gave way at the close of trading Friday, and the bias on this pair now is bearish. Price Action sell signals would be sort on its failed attempt to approach or break through New Resistance.

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EURUSD Price Action: Breaks Key Support after Fakey Trade Setup. May 10, 2013

 

In my last commentary on the EURO, I pointed out a Fakey setup as well as the fact that price was sitting on support at the close of trading for the day. The scenario is now hugely different as the support gave way at the close of trading Friday. If this break is sustained, price will make a dash at 1.2840, the next key support.

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Crude Price Action: Crude in Critical Resistance Region. May 9, 2013

 

 Crude now trades within critical resistance region. While the Trend does seem to be validly bullish after the break of the daily 123 formation, Rotation back into support is still expected to offer clear Price Action buy signals to join the bulls. In the meantime, a Pin Bar as well as an inside Pin Bar on the daily chart could help trigger this bearish pullback.

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EURUSD Price Action: Pulls Lower following a Fakey Trade Setup. May 9, 2013

 

The euro got sold off after a fakey setup. The Fakey was as a result of price failure to close above the previous inside bars, leading to a false break and with the coupling effect of the resistance above which it could also just manage to touch, the bears took hold and sent it back down into support zone. I had mentioned that the pair looked to be constrained within a range in my previous commentary on it.

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USDJPY Price Action: Pin Bar Setup leads to break out. May 9, 2013

 

The yen broke above its 3 weeks old resistance after the Pin Bar Price Action Setup from the previous day's trading. The Trade Room managed to bank some profit based on this setup and we will look to rejoin the renewed bullishness pending price action if we get minor rotation back into new support.

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AUDUSD Price Action: Inside Bar Price Action Setup. May 8, 2013.

 The Aussie closed the day with an inside bar price Action Trade Setup just above Support. The trend is strongly bearish however, we could have rotations back into resistance where we could possibly find bearish Price Action Setups to join the more dominant bearish trend.

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NZDUSD Price Action: Hit Key Support Zone. May 8, 2013

 

The very bearish trend of the kiwi was faced with a very dominant support in today's trading but could only muster a false break of it. Since this is a key Support, I would be looking out for good bullish reasons to go long from this zone but in the event that today's low is compromised instead, price should then make a dash at the next support zone at about 0.8300.

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