Hello legendary traders,
How did your trading go today?
Personally, I didn’t on my system today at all, you wanna know why?
Well, yesterday’s CPI news event on the USD scrambled all my beautiful setups. The only thing I could do was, stay off the market
I can see some nice setups lined up for tomorrow, without further ado, lets hit the charts.
1. AUD/USD
The AUD/USD on the daily chart has formed a consolidation of price, between the 0.68195 and 0.67481
A bullish reversal should send price back to resistance level 0.68195 and a bearish breakout could also encourage the buyers to pool price down to support level 0.66768.
Mind you, don’t be in a hurry to take this trade because of the news on the AUD regarding the unemployment rate in the early hours of Thursday.
I consider this a 50/50 trade (it could go either way)
2. USD/CAD
The USD/CAD on the 4 hours chart is approaching a critical resistance level (1.33405)
A bullish breakout should take price to the next possible resistance level (1.33963) and a bearish reversal will most likely bounce price back to support level 1.32430.
NOTE: Remeber there are important news events on Thursday for both the Australian dollar and the US dollar.
Trade with caution!
See you guys again tomorrow for another market analysis.
Stay pip-worthy
