Hello Traders,
We have finally come to the last trading day of February.
Let’s check our charts and see if we could bag one last good trade for the month of February.
1. XAU/USD (GOLD)
On the daily chart, Gold seem to have finally found a resting place on a key support level of an ascending trendline (1317.42)
After days of a slow bearish move of price from a key resistance level on the weekly resistance level (1346.13), we are now faced with 2 questions:
- Will there be a support breakout of price, which may further force price to the next possible support level (1293.89) ? or
- Will the present support serve it’s purpose and send price back to resistance level 1346.13?
We will need confirmations before taking this trade.
2. NZD/USD
NZD/USD id the godfather of this week. We have analysed him severally, and if you missed out on that, you can check here
So, price spent days consolidating around the 0.69014 & 0.68736 level. Price finally broke out through the consolidation today, and resumed it’s bearish run.
On the 1 hour time frame, price is presently struggling to with a minor support level (0.68403). If another bearish breakout occurs, we should be looking at support level 0.68148 as the next bus stop.
Wishing you all a pip-full Thursday guys.
