Hello Traders,
It’s another beautiful Tuesday, let’s hit the charts and see what’s cooking.
1. EUR/JPY
EUR/JPY on the weekly chart is within a descending channel and it has a bearish outlook.
On the daily chart, price is hooked on support level 120.231 within an ascending channel. Personally I will be looking out for price breaking through support level 120.231.
If that happens, I will join the bearish party to the next possible support level 117.678.
That said, price could also breakthrough resistance level 122.205 since there seems to be a current strong response from the bulls due to support level 117.678.
If a bullish breakout occurs, we could see price go beyond resistance level 123.184.
2. AUD/USD
On the 4 hours chart, we have price on the AUD/USD resting on a key support level (0.69265) of an ascending channel for the 4th time.
We can see price already forming a consolidation around the support level. If a buy confirmation is given, we most likely will see price revisit resistance level 0.70247, and if price breaks through the present support level, price will continue another bearish run to support level 0.68617.
That’s all for today folks, do have a pip-full day ahead
