T.G.I.F Traders,
Pheeeew!!!… Alas, it’s the weekend, and it’s also time for the presidential elections in my country, Nigeria. I will be more of a political cheerleader this weekend though.
That said, let’s see what the market has for us on the last day of the trading week.
1. EUR/AUD
EUR/AUD has been a regular pair this week on our daily analysis this week.
On the 4 hours chart, price has broken resistance level 1.59922, we will be looking out for a confirmation, and if the breakout is confirmed, we may be looking at price hitting it’s next resistance level (1.61000).
If the present resistance level does not give a buy signal due to inadequate confirmation, we may see price either form a consolidation around the present resistance level or the bears may take over price to support level 1.58468.
2. EUR/NZD
Does EUR/NZD on the 4 hours chart look like an embryonic stage of a head and shoulders pattern?
Well, in my opinion, I see a second shoulder trying to develop. Price just broke through a key resistance level (1.66432), we will be needing a confirmation before entering a bullish position.
If the confirmation supports the uptrend, price may most likely get to the next resistance level (1.67485). If this breakout is a fakey, there is every likelihood that the bears will take price back to support level (1.65372)
NOTE: Ensure you maintain a descent stop loss, and a great money management technique. Both pairs are notoriously known for having a huge ranges.
Wishing you all a great weekend and for my fellow Nigerians, all the best in tomorrow’s elections.
