Forex Trade Ideas – AUDNZD and USDJPY

The AUDNZD has been stuck in a range for a while now, and if the 1.09 level is going to be retested, it may come from a bounce off the 1.074 level. It's a game of sit and wait at the moment, but the 1.074 level could prove to be a level of increased demand. Of course only a price action buy signal would lead us to believe this level may hold in the short term.

audnzd trade ideas levels to watch

 

The USDJPY has also been consolidating for some time. The overall trend is still bullish from last year and a new higher high was recently formed. If price is able to reach the 102.80 level, we may see an increase in demand for the pair. In which case we would want to see price react favorable to the level in the form of a bullish pin bar.

forex trade ideas usdjpy daily chart

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Tags: forex trade ideas, forex trading strategies, price action

Comment by Daologic on April 8, 2014 at 3:42am

UJ around 102.80 level, not only a bullish pinbar, the price action can creat another bullish pattern.

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