Hello Traders,
Grab your trading indicators and let’s head straight to our charts…
1. NZD/USD
On the 4 hours chart, the NZD/USD spent the entire day lounging within the consolidation band.
We should also note that support level 0.62547 is very important. The last time it was broken was 2015.
A breakout may most likely drive price to a four-years-old previous support level (0.61040) and a bounce off the present support level may most likely take price back to resistance level 0.63046.
2. CAD/JPY
The CAD/JPY looks messy with all those trendlines drawn all over the chart, but I can assure you that we have a kill zone outside resistance level 81.777.
If price confirms it’s breakout outside resistance level 81.777, we could be seeing the Bulls pulling price to the next possible resistance level (83.212) and a reversal of price at the current level will definitely hit support level 80.757 as the first support level.
NOTE: Before embarking on trading these setups, I would advise that we adhere to a proper confirmation and decent money management technique.
That’s all we have for today ladies and gents, tomorrow will be another analytical day as we scout for more setups.
Do have a pip-full day ahead.
