Hello Traders,
Let’s hit the charts…
1. NZD/USD
On the 4 hours chart, NZD/USD is stuck in between resistance level 0.66860 and support level 0.66189.
The Bulls have been trying to break resistance level 0.66860 for quite a while now but that level must have been built with diamonds.
If a breakout is confirmed, we could see price test a new resistance level (0.67570). and if price gets rejected again, there is a huge probability that price could return to the support level the channel provides.
2. CAD/JPY
On the 4 hour time frame of the CAD/JPY, we can see that price is retesting the base of an ascending channel for the 4th time.
If a breakout occurs, we could be seeing price hit the next possible support level (77.768) and if the current support level manages to shake-off price, price could revisit resistance level 79.212.
What say you?
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