Hello Traders,
Consolidating Thursday is here, it’s time consolidate on whatever profit we have made all through the week, and if we not yet in profits… It’s time to do some damages.
So, let’s hit the charts with the forces of King ……mon
1. AUD/USD
Alright, how many of us remember when on the 3rd of January, this year, the present support broken, was then a resistance?
Well…, guess what?
After a little over 2 months, price didn’t just retest support level 0.70509, but broke it today.
If the breakout is confirmed with the next daily candlestick, we may see price travel south to the next possible support level (0.68154) or somewhere in between.
If price fails to confirm the present breakout, there is also a huge tendency that price’s reversal my most likely occur, which could encourage the bulls to take price to the previous resistance level (0.71612).
2. USD/CAD
On the weekly chart, USD/CAD has started it’s sojourn to the north.
On the daily chart, a key resistance level (1.33740) has been broken almost 2 months after it served as a support.
We just need a confirmation after the next daily candlestick pops up by 11 pm GMT. If a buy is confirmed, we could be looking at price hitting resistance level 1.36586.
On the other hand, if the present candlestick closure at 11 pm suggests otherwise, we could see the market range for a while.
In both setups, confirmation is paramount. So, let’s keep our eyes peeled.
What are your views in the setups above?
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