Good day traders,
Wednesday is around the corner, let’s hit our charts and get ready for any valuable setup that may pop-up.
1. GBP/USD
We analysed GBP/USD on Sunday, which can be seen here
After yesterday’s bearish breakout (1.30125) from the pennant formed on the daily chart. On the 4 hours time frame, price spent the better part of today on a pull-back. The base of the pennant on the daily time frame is presently a resistance level of a descending channel on a 4 hours time frame.
My bias is, this pair is most likely to drop below level 1.29353. The bears should rule for the better part of tomorrow.
2. NZD/JPY
On the daily chart, NZD/JPY current price level (73.653) falls close to a daily descending resistance level (74.284)
This makes the 6pm bullish pin-bar formed outside the ascending channel on a 4 hours time frame questionable. My bias is that the bears may most likely drive market below level 73.186.
Taking any of the trades require a great deal of caution, patience and sound money management practice, please tread with care.
Do have a great day ahead.
