Midday Forex price action analysis – 2016-08-25 (Potential GBP/AUD and NZD/CAD short)

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UPDATE: Closing out EUR/USD and GBP/AUD both with small but insignificant gains. Price has been annoying this week, I saw no PUSH from buyers or sellers, I only saw small movements up and down. While I am happy I ended the week with a little profit, I am unhappy with this weeks moves.

And also, closing out my trades means I can get my weekend started, get a few beers, sit in my garden, put on the barbecue, and relax :)

In today’s analysis there aren’t many new trade opportunities. There is an average looking GBP/AUD short forming, but the setup is not complete yet. And NZD/CAD is still showing signs up stalling at resistance, but this time on the daily.

The EUR/USD setup I mentioned in yesterday’s analysis triggered and is doing well.

The NZD/CAD trade I mentioned on Tuesday’s analysis is still ranging up and down, but it’s worth holding onto. In fact, NZD/CAD is forming a potential short setup on the daily now, which is good new is you are still in (or if you missed it on Tuesday).

Personally I closed out NZD/CAD to enter EUR/USD as I did not want to be in two trades at the same time today. By closing out NZD/CAD I freed up some risk for my EUR/USD trade, which is my eyes is the strong setup. But you shouldn’t close out just because I did, I had my own reasons for closing this trade.

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