I'm thinkin a move lower is more probable here. Price is floating in pretty neutral territory around the 50% retracement of this recent bear move. Hopefully JPY fundamentals will give the Yen a little push and we can test these recent lows.
Can we get some JPY weakness to drive this pair up? I think so. Todays (soon to be yesterday) pivot has not been hit yet, and coincides with the 50% retracement of this recent downward move. 26 pip target with 15-20 pip stop loss. Not big money maker, but something to keep an eye on.
Near term GBPAUD will be looking to tag today's pivot @ 1.8556.
With recent GBP strength and AUD weakness the missed pivot from Feb 3rd at 1.8801 is certainly going to be a contender in the near future.
AUDJPY is generally pretty darn good at making sure it hits daily pivots. With todays pivot 50 pips above current resistance, it would make for a nice target that historically worked out well. R:R would be about 1:1, but stops should be managed to reduce risk once in the trade.
If we get price wanting to continue ...
Here are a couple thoughts for USDCAD for the London and NY sessions.
Maybe not the most solid setups ever, but worth considering. A move outside of the current short term range should yield 20 pips in either direction. Since the dollar is trading in somewhat new, high territory against the CAD I don't have a ...
GBPAUD has a new daily pivot that has not been hit yet which also lines up fairly close with the 15min 100sma - this can be used for a nice 20 pip target. With little resistance along the way, you could easily look to target the 4hr 50sma for an additional 30 pips.
Looking at EURCAD 15min chart there are a couple of solid opportunities for shorts.
For a quickie you can sell on a break below the 15min 50sma and target the new daily pivot.
For a bigger target, sell on a break below recent support at 1.5207. You can reasonably use a 30 pip target without running into many ...