Hello Traders,
How is your week unfolding?
I am getting warmed up for the market. Just spotted some nice setups for today/tomorrow.
Let’s hit the charts…
1. EUR/USD
On the 4 hours chart, EUR/USD is pushing on resistance level 1.11855.
This move is actually a pull-back on the daily time frame. However if you look down history, you will observe that these pull-backs ain’t loyal. There a little probability that the bearish trend will continue.
Again, NOTHING IS CAST ON STONE. We have to wait and see where price would lead us before we jump into the trend.
If a breakout through resistance level 1.11855 happens, we should see price hit the next possible resistance level (1.12286).
If on the other hand, we see price stand true to being a daily pull-back, we could see the bears start a bearish reversal on the 4 hours chart. This may most likely send price back to support level 1.11165.
2. AUD/USD
On the 4 hours time frame, price on AUD/USD has broken through the resistance level 0.70484 and instead of making a bullish move to the next possible resistance level (0.70955), we see this pair forming a consolidation.
A breakout from this consolidation should give the Bulls the courage to continue pulling price upwards to the next resistance level.
If price refuses to breakout through this consolidation level, I suggest we stay aloof and find something else to do, because I see most USD pairs looking for traders to steal money from.
Just a piece of advice…
That said, we are done for the day.
See you guys tomorrow.
