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Daily Forex Trading Commentary - Monday 26th May 2014

AUD/USD - Consolidating Above Key Support, Looking For Price Action Buy Signal

This pair has been consolidating above key support for the last few days now and we are waiting for a good price action buy signal to join this market. There remains a high probability that this pair will start moving back to the top of it's trading range shortly and traders can wait for a price action signal on the daily or 4-hour timeframe to trigger an entry into this market over the next few days. If support at 92.00 breaks on the other hand, we will probably see a significant move lower.

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EUR/JPY - Key Support Holding Strong, Price Action Pin Bar Could Play Out Nicely

The price action pin bar we discussed in our market commentary last week seems to be holding nicely at key support (despite being counter-trend). The fact that the market has failed to push below 138.50 for 3 days in a row following the pin bar suggest we may see a pop higher this week.

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