TGIF Traders,
What a way to close the month of August. I always love when the month closes during the weekend. From a business point of view, it makes bookkeeping very easy.
Alright guys, let’s see what’s happening in the market, there seem to be some interesting setups which could add some pips to our baskets.
Let’s go…
1. EUR/USD
The EUR/USD has a bearish outlook on the weekly chart, and it also has the propensity to still go bearish before the close of market for the week.
On the 4 hours chart, we can see price crawling below support level 1.1066. I am hoping the 2 pm candlestick closes with a bearish pin bar, and a little bit extended, so I don’t have to wait for further bearish confirmation.
Once the breakout is confirmed, there is a great possibility that price next support level would be 1.10274.
2. GBP/CAD
When you look at the daily chart of the GBP/CAD, this pair has a huge problem breaking support level 1.63438, after breaking out from a descending channel’s resistance level (1.61066).
On the 4 hours chart, we can see a clear formation of an expanding ascending channel.
If we are Bullish biased, we may have to wait for additional confirmation before taking this trade, and the next resistance level would be 1.63438
If a bearish breakout also occurs, there is also a possibility that price’s next support level would be 1.60718
Patience and sound money management would be needed here.
I wish you a beautiful weekend and can’t wait to see you in the month of September.
Cheers
