Good day traders,
It’s another Thursday market analysis, let’s go straight into our charts and see if we could get some good trades to take us through the weekend.
1. CAD/JPY
A key support area (87.089) has been broken, however before we authenticate the breakout, we need to watch out the way the 10 pm candlestick closes.
If the 10 pm candlestick closes below the presents support area, we may most likely see the bears take price to its next support level (85.491).
If price closes with a bullish pin-bar, there is every tendency that the present support level will reject price to a previous resistance level (89.213).
2. GBP/CAD
For a little over a month, price has been bouncing between level 1.69315 and 1.71831.
With the strong bullish activity since on Tuesday, there is every likelihood of a breakout from the resistance level (1.71831). If this occurs, we should see price on another bullish frenzy to its next resistance level (1.73214).
However if the current resistance is not broken, we should see price return to its former support level (1.69315).
If our analysis has been of assistance or you have contrary views, kindly comment.
Do have a great day ahead
