Good day traders,
It’s another fresh trading week in a brand new month, let’s go right into the market and see if there are any viable setups.
1. USD/CAD
On the daily chart, USD/CAD has broken an ascending support level (1.32395). One thing we still don’t know is if the candlestick will remain that way or will suggest otherwise after 11 pm.
If the breakout is sustained, we should be seeing price hit it’s next possible support level (1.30606). On the other hand, if the present candlestick ends being a bullish pin-bar or a doji, we may need extra confirmation before deciding whether to BUY or SELL.
2. NZD/USD
NZD/USD on the daily chart had a bullish breakout. This is the second pair we are analyzing today, that is showing USD weakness.
If the weakness continues, we may most likely see the present breakout (0.68838) encourage the bulls to take price to the next resistance level (0.70552).
Both of these setups depend on the strength of the closing candlestick. Waiting for confirmation before buying or selling is paramount.
What do you think?, send your comments if you support or have contrary views, share with friends if you enjoy our analysis, and subscribe if you are really into us.
Do have a great day ahead
