Hello Traders,
Let’s hit the charts…
1. AUD/USD
The AUD/USD has hit another key support level (0.66900)
A breakout at this point could spew over +300 pips before hitting the next support level (0.63484).
It’s important we wait for the close of the daily candlestick before jumping into this trade. You never can tell if the buyers are waiting to ambush the sellers.
If for any reason we get a bullish candlestick formed by 11 pm, we may need further confirmation before going bullish to a previous resistance level (0.67549).
2. GBP/CHF
The GBP/CHF on the daily chart has been locked within a consolidation band for over 2 weeks.
A strong bearish candlestick within the consolidation band means nothing if it doesn’t break out through support level 1.25394.
There are possibilities that the market could bounce off the present support level and head back to resistance level 1.27064 or we wait patiently for the new candlestick to close and see if the present support level is broken.
That’s all for today folks, I wish you a pip-full week ahead.
