Goo day traders,
Let me officially welcome you into the month of November. Hope you have updated your trading journal?
So, its November and we are starting all over again. Let’s get into the market and see how we can start our trading on a good note.
1. CAD/JPY
On the daily chart, CAD/JPY is bullish, however price seem to reverse anytime it hits the roof of a descending trend line. This has continued to repeat itself since on the 16th of this month.
My bias is 50/50 on this setup. If the resistance level is broken at any point on the descending channel, we may most likely see price on a bullish move to the next resistance level (86.813).
If you are picking this trade, kindly apply caution.
2. GBP/USD
GBP/USD was analysed on Tuesday
Currently on the daily chart, GBP/USD missed the next support level (1.26596) by a few pips.
A pullback occurred today, This left a beautiful bearish pin-bar on the 4 hours chart. We may most likely see price hit the next support level at 1.26596. However, do not rule out the fact that the resistance level (1.27915) could be broken before the 11 pm candlestick is fully formed.
If that happens, we could see price consolidating around the present resistance level (1.27915) before making any move.
NOTE: That said, remember, its the end of the month and there is no guarantee as to where price could be heading to.
Thanks for sticking around throughout this month, it has been a great pleasure to us serving you guys.
Kindly share and comment
