On “reversal” watch – AUD, NZD and CAD

Today the weekly and monthly trend line on the AUD/USD has rejected thus far and is going to threaten a reversal candle if they close "down today." Potential reversal candles everywhere on the daily charts. With the AUD/USD reversing, the NZD/USD could also reverse as .8350 key resistance was rejected. On the same note, USD/CAD tripped stops and got a lot of "longs" out of the market below .9900 which could set up a hammer for a move higher today and tomorrow.

I am going to cue into the CAD today, with a move above highs at .9926, we are just 10 pips below currently. With the weaker PMI today, we could see a reversal there first.

Blake Morrow

@PipCzar on Twitter

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