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Forex Trade Signals and Setups Jan 10th
AUDUSD – Attempting To Breakout, But…
After forming the price action pinbar setup off the 20ema, the Aussie has gained strongly on the day suggesting buyers were happy to come in off the EMA. The pair barely dipped from the open and then was bought up closing towards the highs, suggesting the bulls entered the market from the beginning and held throughout most of the day. They also could have already been present from the pinbar signal, but either way, they held their foot on the gas for some solid buying.
The pair may pause again just below the 1.0400 level so short term traders can look for a price action rejection/fade off this level targeting the 20ema. Bulls can either wait for another pullback to the EMA, or wait for a breakout-retest setup to take new longs.
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