Good day traders,
Thursday presents us with so many trading opportunities, let’s jump right into our charts and see what the market has for us.
1.EUR/CAD
EUR/CAD on the daily chart has a pennant formation.
If the current daily candlestick doesn’t break out from resistance level (1.53168), we may most likely see a bearish price movement below 1.51778.
Price may also breakout from the present resistance level (1.53168) and go beyond level 1.53723.
2. GBP/CHF
Descending channel it is on the daily chart of GBP/CHF,
Currently, price is finding it difficult to go beyond a key resistance level (1.27775).
If price ends up with a bearish pin-bar, there is every likelihood that price will begin a bearish run that would see price go below 1.26051. However, if price breaks level 1.27775, the bulls may take price above level 1.29078.
3. XAU/USD(GOLD)
He who has the gold, makes the rules guys.
Gold has a beautiful pennant formation on the daily chart. If price breakouts from the current support level (1193.91), the bears will most likely drive price below 1182.97.
if the present support level rejects price, we may most likely see price head back to the upper resistance level (1210.18) of the pennant.
Finally, like I always say….BE CAUTIOUS…Ensure there are confirmation before embarking on any of these trades.
Let us know if you have contrary views and do share if you like our analysis
