Good day my fellow traders,
Another trading week is upon us. We need to play each week having a clear goal in mind. There is no point trading for just trading sake?
Get your pen, an exercise book and start making notes of trades you take, how those trades went down and the lessons you learn along the way. Trust me, it will cut off some learning time in your trading journey.
That said, let’s hit the market like we always do
1. GBP/USD
Last week Wednesday, on the daily time frame, the bulls hit the market, and on Friday there seem to have been a slight pull-back.
Looking through the 4 hour time frame, price is currently locked between 1.30404 and 1.29549, thereby forming a consolidation. If price breaks out from the current resistance level (1.30404), the bulls may hit the next resistance level (1.31190).
If a reversal happens at the presents price level, we may have to wait to see if price breaks support level 1.29549 before we sell the pair and hopefully see price hit the next support level (1.28326)
2. NZD/USD
On the daily chart, NZD/USD is currently on the verge of breaking out of a resistance level (0.66543).
After the 11pm candlestick is formed, we may have a better confirmation of where price would go next. If a breakout is confirmed, we should be seeing price hit 0.68509 before the week runs out, on the other hand, if a reversal is confirmed, we will be looking out for the next support level (0.65002).
Both setups would need a confirmation before we commit to them
Do have a great day ahead, kindly share and comment
