UPDATE 2: AUD/USD is forming a very strong short setup on the 6hr chart. This is not a set in stone trade setup, the candle has yet to close, so anything could happen.
UPDATE 1: As sometimes happens, unexpected new out of Japan has had an impact on the JPY and the USD, so three of these setups are canceled before they could trigger. One setup is still looking strong though, and that is AUD/NZD.
Today is shaping up to be a busy day for price action trading…
… Because in today’s analysis, I identify four potential trade setups, and three of them might trigger within six hours. On the watch list today is:
- AUD/JPY with a potential 6hr chart short
- AUD/NZD also with a potential 6hr chart short
- EUR/JPY, yes another potential 6hr chart short
- USD/CAD with a potential 12hr chart short
The EUR/JPY short looks to be the strongest out of the four, with a risk to reward ratio of over 5. However, keep in mind that this could change by the time the indecision candle closes. You can watch the analysis below for more detail.
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How to use this price action analysis
If you are new to price action trading, have a look at my Forex trading strategy.
You can also browse through the countless hours of price action webinar recordings here.