Good day traders,
Sorry I disappeared for a while, but it was something beyond my control.
To start with, my system crashed over the weekend, after replacing my hard drive and excited to get back to work, I got home, only to realize that my power pack was accidentally switched, hence I couldn’t charge my laptop and the following day was Sunday.
Invariably I had to wait till Monday. Today after charging my laptop, I realized I lost all of my software’s I work with. I am currently downloading them bit by bit. And as if I haven’t suffered enough, today I realized that word press changed their editor. I battled hard trying to wrap my fingers around it. I failed woefully, so I had no choice but to download the former editor (classic editor)
Phewww… That said, let’s hit the charts for Tuesday.
1. EUR/USD
EUR/USD on the 4 hours chart is presently resting on a key support level (1.13487).
A breakout from this level should see price hit it’s next support level at 1.12682. If the present support level is able to act as a spring board, we may most likely see the bulls take price to resistance level 1.14414.
A buy or sell confirmation is important for this setup
2. GBP/JPY
GBP/JPY on the daily chart, broke out from a key support level (142.779),
We may most likely see GBP/JPY hit it’s next support level (139.930) if the 11 pm candlestick still remains bearish.
3. USD/JPY
On the daily chart USD/JPY is highly bullish, especially after using an important support level 112.235 as a spring board.
On the 4 hours chart, the descending resistance level has been very potent in reversing price. The big question now is:
- Will price obey the the current resistance level? or
- Will price breakout from the present resistance level?
Personally, I see it as a 50/50 buy or sell opportunity. The only edge we may have over this setup, is a good confirmation.
That said, do have a great day ahead, and we would love to know what your thoughts are on our analysis and do share, if our analysis has been of value.
