Good day traders,
Mid-week is around the corner, and some setups are waiting unattended to. Let’s get right down to business.
1. USD/CAD
USD/CAD on the 4 hours chart looks promising.
The bears took over the entire day after price touched a key resistance level (1.30638) in the early hours of today.
Currently, price is on a key support level (1.29810), the buyers and sellers are slugging it out at this point. Price would either bounce back to the former resistance level or, break the key support level to hit a former support (1.29024).
2. NZD/JPY
On the daily chart, price on NZD/JPY is locked within a descending channel.
Price is currently on two key resistance levels:
- The resistance level caused by the roof of a horizontal channel and
- The resistance level caused by the roof of a descending channel
A bounce from this key resistance levels should send price back to level 72.336 and if the price breaks this resistance, we may most likely see price hit 75.001.
I will repeat as always,
Before taking any of these trades, kindly ensure your system confirms them.
