Good day Legendary Traders
T.G.I.F (Thank God its Friday)…
Alas we have come to the end of the trading week, but we still got to hunt for the last pip if need be.
Now grab your muskets and let’s head into the forbidden forex forest.
1. AUD/JPY
If you check our Tuesday market analysis over here
You would observe that price rested on a key support level (79.755) on Monday and Tuesday. Only for a strong bullish candlestick to breakout from this key support level on Wednesday.
This trend ought to have continued to the next support level (78.780) but there was a pull-back to the former support level (79.755) which is currently a resistance.
Narrowing this pair down to the 4 hours chart, there is a lot of story to be told. There is a current descending channel, which if allowed to breakout for the second time through support level 79.755, we will most likely see the previous support level 79.045.
If price breaks out from the current resistance level (80.085), we could see price hit the next resistance level (80.483) which is the roof of a horizontal channel.
2. EUR/CHF
EUR/CHF has broken through two former resistance levels (1.14025 and 1.14501). If the 10pm candlestick closes this way, the bulls may take market to the next resistance level (1.15597) which coincides with the 38.2% Fibonacci retracement level.
If the candlestick closes with a bearish doji, we may most likely see price reverse back to a former support level (1.12404)
Do drop a text and share if our analysis has been beneficial to you.
Wishing you all a great weekend ahead
