Hello traders,
Its another opportunistic Thursday… or is it?
Hopefully the chart should be revealing that to us.
1. CAD/JPY
Could CAD/JPY finally be making a move on the 4 hours chart?
Though price has been within an ascending channel, price got trapped by a strong resistance level (82.881). Today the bulls finally summoned the courage to break the stubborn resistance level.
If price closes above the present resistance level, we may most likely see price head straight to the next resistance level (83.439) within the ascending channel.
If the opposite happens, price may just form a little consolidation around the present resistance level before deciding on the next move.
2. EUR/AUD
EUR/AUD on the daily chart has been busy forming a consolidation of price within the tail end of a pennant.
By now, I am sure traders from all over the world will be watching out for a breakout of price from either direction.
Personally, I will be waiting to see how today’s candlestick will be closing by 11 pm GMT. if the support level (1.58713) is broken, I should be looking out for a bearish move throughout tomorrow.
If the breakout doesn’t happen…,
Well… we should be looking out for a bullish movement for the better part of Thursday..
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Do have a great day ahead folks
