NZDUSD, CADJPY & EURAUD
Hello traders! How's your trading? I just came back from Melbourne. I stayed in the city for a couple of days, spending my weekend there with my partner.
I am super glad the weekend is over and tomorrow we are ready to trade again. In this post I will focus on three pairs, EURAUD, CADJPY and NZDUSD.
Let's take a look at the first pair, EURAUD. The pair has been moving downward in the past few weeks and it finally touched the yearly trend line. The price tried to break the trend line but instead of moving lower, the bearish could not maintain the movement and a bullish pinbar has formed at the trend line. This could be a sign for a bounce upward.
On a higher time frame, weekly chart, we can also see there is a bullish pinbar. Could this be a sign of a reversal? I personally prefer to BUY this pair.
Next, let's take a look at CADJPY pair.
Basically it is almost the same as EURAUD pair. The CADJPY pair has been moving up strongly in the past week and it has touched the yearly trend line. But the overall trend is still a downtrend and I personally prefer to sell this pair. The bearish pinbar on weekly chart also gives me more confidence to sell this pair.
The last one, NZDUSD pair.
The overall trend is still a downtrend and if we look at the hull EMA indicator, it has turned to bearish (turned to yellow). More than one bearish pinbar candle was formed in the past couple of days showing that the bearish momentum is getting stronger. For these reasons, I personally prefer to sell this pair.
Always remember to manage your risks and follow your trading rules.
Good luck, happy trading!
Rico Ferdinand Yapotra
Chart Disclaimer : This is not advice or recommendation to trade. It is pure educational and general information only. Do your own research before you decide to buy/sell the markets. Be aware of the risks.