Traders who took intraday shorts for USDCHF yesterday are in profit as the price looks to revisit the range low. To finish off the week, traders are now looking to short AUDJPY.
Price action analysis completed on USDCHF indicated that price is most likely to revisit the range low. Bulls failed to clear the range high with any significance which led to price printing a shooting star. This led to the price falling +50 pips to the downside. The final target is the range low of 0.91300.
As for the rest of the week, traders can look at possible shorts for AUDJPY. This setup nearly mirrors the price action seen in USDCHF. Price completed a fake breakout above the range high of 81.500 and is now on its way back down to the range low. The final target for this setup is 78.350.
Tomorrow we have the release of the Canadian unemployment report. Current forecasts are bullish with unemployment dropping from 7.5% to 7.3%. A bullish result should send USDCAD lower and Oil prices higher.
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- Read our previous blog article: Dollar Index Rejects Zone Near 92.750 + Intraday Shorts for USDCHF