Hello Pip Hunters,
I welcome all of you once again into another brand new week. The market is already gathering momentum. Hopefully we will get to enjoy some great setups before the week runs out.
Let’s hit the charts ladies and gentlemen.
1. EUR/USD
EUR/USD has a beautiful descending channel on the 4 hours chart, let’s see what it has in store for us.
EUR/USD on the daily chart, broke out from a key support level (1.13231) last week Monday, afterwards, price formed a consolidation.
Looking at the 4 hours chart, resistance level 1.13365 is not just a resistance level of a descending channel, but also a resistance level formed from the breakout of the daily ascending channel.
A bearish engulfing candlestick is already forming on the 4 hours chart, and if this pattern remains by the time the 7 pm candlestick is formed, we may most likely see price hit the next support level (1.12348)
2. NZD/USD
On the 1 hour chart, NZD/USD has formed a price pattern which looks promising.
On the daily chart, NZD/USD is still very bullish, a pullback was observed today after resistance level 0.68432 was broken last week Friday.
There is a huge tendency that price will most likely find its way back to resistance level 0.68926.
On the other hand, we should not get too comfortable with this trade, because if support level 0.68346 is broken, we may see the bears take market to it’s next support level (0.68081)
This setup is a dicey one, price could go either way.
There we go for our Tuesday market analysis. Wishing each and everyone a great week ahead and I would love to get your opinion on the setups just analysed
