Hello traders,
How has your trading week been?
Mine has been slow, I am hoping it picks up before the week runs out, if not, so be it, it’s all part of the job.
That said, let’s hit the charts…
1. USD/CAD
USD/CAD has had a bearish outlook all week, but price spent so much time consolidating within the triangle on the 4 hours chart.
The 2 pm candlestick has suddenly broken out of the triangle’s support level (1.31522). This is a good outcome, however, the risk-reward ratio ain’t juicy enough.
Personally, I will be looking out for a good retracement of price before selling this pair. We will be picking level 1.30635 as the next possible support level.
2. NZD/USD
I love this setup to bits…
On the NZD/USD, price bounced off support level 0.65903, it’s presently testing resistance level 0.66817 and if we are lucky, the daily candlestick could close as a descent bullish pin-bar.
If that happens, we could be looking at price heading for the next possible resistance level (0.67678).
If for any reason price closes below the present resistance level, there is a great probability that the Bears may pull price back to a familiar support level 0.65903.
What are your views?
We are done for today, join us again for tomorrow’s analysis on your favorite pairs.
We wish you a beautiful day ahead.
