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Published: 09/11/2018

The CADJPY pair has moved higher this morning in an attempt to retrace some of its move down since the end of August. Price is currently trading at 84.846 after breaking out at 84.554 from its resistance trend line. Resistance can now be seen at 85.033 around the 85.000 level. A clearance of this level can lead to another leg higher to 85.435. From there to the previous high at 86.590, the resistance is relatively light with the 86.000 area potentially providing the biggest concern along with 86.200.

Support for the pair will now gather close to the broken trend line and ahead of the 84.400 area. Below this level 84.200 comes into play. The recent low can be found at 83.768 and a loss of this level potentially sets up a leg lower to test 83.456 followed by the 83.000 area.



The GBPAUD pair has also broken higher from its consolidation area. It has now reached resistance at the falling resistance trend line around 1.8350. A break above the trend line may find resistance at 1.8400 or 1.8500 before turning back to retest the trend line as support. This retest may prove to be crucial and if successful can set up a move to higher levels such as 1.8700 or even 1.9000. A failure of the support trend line can lead to a drop back to support around the POC at 1.8142.

Support is initially found at the POC followed by the 1.8085 area. The 1.8000 level provided resistance in the past while more recently the price action shows how it was used as a consolidation area. A loss of this level targets the 1.7780 level as a higher low. If this area fails there may be a retrace lower to 1.7500. The low comes in at 1.7275.



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