Good day traders,
Yes… Finally, its indeed a consolidating Thursday. Been waiting for this day for almost an eternity.
My fellow traders, grab your hunting gears and let’s hit the charts, the weekend is nigh, there’s no time to waste.
1. EUR/USD
EUR/USD has a beautiful bullish candlestick formed already on the daily chart.
EUR/USD was among the currencies analysed on Sunday, if you missed it, you can check our analysis here
Though the direction of the pair was not clear over the weekend, today we see a bullish candlestick which may most likely dictate the course of the market for the better part of tomorrow, if the present candlestick closes in this form.
A bullish close at 11 pm GMT, should encourage the bulls to drive price to the next possible resistance level 1.14544. If for any reason, the candlestick closes with a bearish pin-bar, we may be looking at the bears coming into the scene and driving price to level 1.12701.
2. GBP/USD
After our analysis on Sunday (you can check here), GBP/USD ended up breaking resistance level 1.29864.
The current bullish breakout may most likely encourage buyers to continue buying the Pounds, hence forcing price to hit the next possible resistance level (1.31802). If the buyers remain strong, we may see the next resistance level (1.32999) get hit before the close of the week.
That said, we should be on the look out, just in case the present candlestick closes bullish after the 11 pm hour
If on the contrary, the present candlestick closes below the breakout price (1.29842), we may have buyers set on a panic mode, hence the bullish move of price may be hindered.
3. GBP/JPY
GBP/JPY is making resistance level 142.700 look fragile.
If the present candlestick closes above the present breakout, the bulls may most likely take price to the next possible resistance level (145.687).
Let’s also have it at the back of our mind that:
If for any reason, the present candlestick closes as a bearish pin-bar, the bears may take over and price may most likely head to support level 139.874.
So, we finally conclude our analysis on the pairs to watch out for this Thursday.
What’s your opinion?
