Good day traders,
The second week of the month of November has commenced with so many opportunities in the market. I personally traded setups that I gave here last week, and they were very successful.
Patience is very important in this business. However, that is not to say that I don’t fall into the trap of being impatient every once in a while, though I can now say that, I am a lot more patient now compared to my early years of trading.
That said, let’s hit our charts, and analyse some of the opportunities presented.
1. EUR/USD
We have been following EUR/USD closely for weeks now. Presently price has broken two support level which are roughly around 1.13077. The first support is that of a pennant and the second support was that of a horizontal support.
The beautiful thing about this breakout is: The candlestick is a complete MARUBOZU (Meaning a full candlestick). Well… Lets not be too quick to judge, until the close of the 11pm candlestick. If price closes this way, we may likely see a little pullback, before the market goes bearish to its next support level which is level 1.10909.
2. AUD/JPY
On Tuesday last week, AUD/JPY broke out through the resistance level(81.860) of a descending channel. Two days later, it ran out of steam at level 83.037 and the bears gradually came in, to pull price down to a key support level (81.764).
Taking sides on whether price will reverse at the present resistance level to its former resistance level or breakout to hit its next support level (80.683) is a matter of time. We should keep a close watch on this one.
3. GBP/CAD
Pardon me for putting out a messy chart, however I wanted to point out a key support level that has been reached on 1.69901.
Let’s not forget that this pair was one of the bonus setups we gave on Sunday, you can check that here
Within the daily setup, we already have an ascending trend on the 4 hours time frame, and price seem to have broken out of the resistance level (1.69861) and also formed a consolidation.
If the confirmation to sell further has been ascertained, our next support level should be at level 1.68724
Alrighty… Our analysis for Tuesday is all set, we are wishing you a pipful day ahead and please comment, share and subscribe to our daily analysis.
Till we discuss tomorrow’s analysis, remain profitable my friends
