Good day traders,
How has your trading week been thus far?
Well, we are approaching the end of the week and month, and I am eager to see how some setups play out.
So, let’s hit the market and see what the market has for us.
1. GBP/USD
GBP/USD on the 4 hours chart was locked withing a descending channel before a key support level (1.27248) sent price on a bullish run.
Presently, price is testing resistance level 1.28284, if the 11pm candlestick confirms the breakout, the bulls should send price to the next resistance level (1.28802).
If resistance level 1.28802 does not reverse price, we could see price establishing a new resistance level at 1.29573. If any of these resistance level should fail, price would definitely re-visit a former resistance level which would then serve as a support.
2. NZD/USD
NZD/USD is another pair on a bullish rampage.
After a bullish breakout from a descending channel, price is currently testing a key resistance level (0.68823). If a price reversal occurs at this point, we could see bears drag price to revisit support level 0.67904.
However, if price breaks out from the presents resistance level, we could see the next resistance level (0.69765) tested.
Note that the US dollar is weak across all pairs, if this weakness continues, we may see the British pounds and New Zealand Dollar continue it’s bullish move.
Do have a great day ahead
