Hello Pip Hunters
How has your trading week been so far?
Let’s see how we could make our Thursday a great one.
1. AUD/USD
Looking at price on the AUD/USD through the 4 hours chart, we can see that a key support (0.71257)level is been tested.
If this price closes this was before the 11 p.m candlestick appears, we may most likely see price head straight to the next support level (0.70766).
We should also be wary if the present candlestick closes above the present support line. If it does, there is a big possibility that price may retrace its steps back to resistance level 0.71464
2. XAU/USD
Gold on the 4 hours chart has formed a pennant pattern.
All we should be watching out for is, if the bears are powerful enough to cause a price breakout.
If they do…
The next possible support level should most likely be 1297.38. If the breakout doesn’t happen, price may still linger within the pennant for a little longer
That’s all we have today, trade carefully and always ensure you manage your trading risks properly.
Do have a grand day ahead.
