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Forex Trade Signals and Setups Oct. 10th
AUDUSD – Making a Run?
From the beginning of Sept. this year, the Aussie has been getting hammered selling off 1300 pips from 1.0700 to touchdown on .9400 on Oct. 4th a month later. However, the pair has rebounded quite strongly climbing 5 days in a row with the last day being the strongest. The last time in climbed 5 days in a row, it started the 1300pip sell-off we talked about earlier. But this time we feel it is different as the price action structure is more bullish than the last time which had a rounding structure suggesting change of hands. This time, the bounce had a much stronger angle and the pair broke through the 20ema with vigor.
With that being said, we like pullbacks to the 20ema on the daily chart which also line up nicely with the 38.2% fib for a possible buy level targeting the 50 and 61.8% fibs just sub 1.0100 and 1.0250 with tight stops below .9900 which also happens to be prior swing low support on Aug. 9th and resistance on Sept. 27th.
USDCAD – Rejection Off the 20ema Holds…For Now
As we wrote last week in our price action setups article, we expected the pair to reject off the 20ema and it did to perfection coming within 3pips of it and bouncing 150+pips off of it to close just under 1.0400. But since then it has been selling strongly only to stop right in front of it again. If the 20ema holds, then we expect a minimum move back to 1.0381 and possibly back to 1.0500 but should this + the fib fail here, then a move back to parity 220pips lower seems more likely so watch for price action triggers at the 20ema or parity level which held price from the beginning of Aug. to mid Sept. this year.
Check out a great article we wrote on Forex Trading Lessons from the Archery Range
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