Hello Traders,
Today was another eventful day in the market. GBP pairs went berserk due to the parliament Brexit vote.
It’s funny I had to check the reason for such crazy moves before I got to know (lol)…
Luckily, I was not trading any of the GBP pair and I was also out of the market before all the crazy moves happened.
Again, I hardly bother myself with most news events, so I will say I was lucky not to be trapped in the market madness today.
Alright, enough of all the talk, let’s hit the charts…
1. NZD/JPY
NZD/JPY continued it’s bullish move, after the parliament Brexit vote.
A key resistance level (76.353) was broken on the 4 hours time frame. The bulls will most likely take price to the next resistance level (76.883).
In my opinion, we may not see a major pullback before the Bulls resume their journey to the North.
2. EUR/NZD
EUR/NZD on the daily chart currently has a compromised support level (1.64457).
If the 11 pm candlestick confirms the breakout, we may most likely see price hit the next possible support level 1.63226.
If the close of the daily candlestick suggests a reversal, there is every likelihood that the Bulls may take price back to resistance level 1.65383.
Okay, that’s all we have for today.
Don’t forget to join us for Thursday’s market analysis. Wishing everyone a pip-full day ahead.
