Hello Traders,
Let’s hit the charts…
1. USD/JPY
My trendlines on the USD/JPY has gone rogue (lol)
Not to worry though, if you look closely, we just have two patterns intertwined. Let me explain…
First of, we have price breaking out of a descending channel, and this may be of interest to all breakout traders.
Why you ask?
If we look closely, we will observe a descending resistance trendline also trying to suppress price breakout.
So, if we are interested in going bullish on this pair, there could be a reversal at the current price resistance level (108.304), that’s one thing to watch out for.
If a reversal occurs, price could bounce back to support a first support level 106.727, and if the selling pressure is high, we could further see price fall to support level 105.135
However, if price breaks out from resistance level 108.304, we could see price rise above resistance level 109.314.
2. NZD/USD
NZD/USD spent an entire week respecting resistance level 0.64445.
Presently we can see that a descending support level is broken on the daily time frame.
In my opinion, the 6 am candlestick will give us insight if the bearish descent of the NZD/USD should be taken seriously.
If the bearish move is confirmed, we should be looking at price level 0.62698 as the next possible support level.
Alright ladies and gentlemen, we are done with today’s market analysis, catch ya again tomorrow.
As always, do stay pip-full.
