TGIF Great Traders,
Hurraaaaaaaay!!!, its the last trading day of the month of November. Don’t mind my level of excitement, I love holiday seasons. Getting to see and bond with distant families and friends is something I always look forward to, not forgetting the Harmattan season (cold, dry and windy) here in Nigeria which I also love
Oh well, sorry for drifting away from what we are here to do guys, my apologies. Friday’s are usually tricky when it comes to trading, however, I can see some viable trades which I may get into this night or tomorrow morning, and that is, if I am comfortable with them.
Alright, enough of the talking, lets hit the forex jungle and mark some of the setups I am eyeing.
1. AUD/USD
The AUD/USD on the 4 hours has been struggling for the better part of the day to break out from resistance level 0.73368. Presently there is a strong bearish reversal candlestick resting on a weak support level (0.73015).
If the current support level is broken, we could see price go on a downward spiral to the next probable support level (0.72016).
That said, one most also be patient enough to get a confirmation of a breakout before trading this pair. If price goes on a bullish rampage and breaks out from resistance level 0.73368, we may see price go above level 0.73672.
2. NZD/JPY
After a breakout from a descending resistance line (77.039), price is finally struggling to make another high within an ascending channel.
Price is currently stuck on level 77.675, which ought to be a key support area. If a breakout occurs at this level, we could see price tumbling down to the next possible support level (76.788).
On the other hand, we should also notice that the current support level could also serve as a spring board for the bulls to come in and probably take price to the next resistance level 78.159.
3. EUR/CHF
Now, considering that Friday is already upon us, I don’t know how much steam the bulls have left to take price to it’s next resistance level 1.13759.
This would be a very good trade to take if the key resistance level is tested. In any case, if we are fortunate enough to witness the bulls hit the next resistance level, there is a high probability of a bearish reversal that could take price below level 1.13124.
If a breakout from resistance level 1.13759 occurs, we should see price embark on a bullish move to the next resistance level (1.14339).
NOTE: Please ensure you get a confirmation before entering any of the trades, above all, remember that it’s a Friday, so, don’t fall in love with any trade you take.
That said,
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Do have an awesome weekend, and do play safe fam
