TGIF Traders,
How did your trading week go?
Mine was a little rough, I made a few mistakes, but a good money management technique saved my skin.
So, it’s almost weekend, let’s hit the charts before escaping…
1. AUD/JPY
On the daily chart, after the AUD/JPY broke out from resistance level 73.524, price lost momentum and fell back to a familiar support level (72.918).
There is a possibility for price to bounce off the present support level and retrace its steps back to resistance level 74.481 and we could also witness a breakout of the present support level, which may encourage price to embark on another downward spiral to support level 70.938.
2. CAD/CHF
On the 4 hours chart of the CAD/CHF, we saw a support breakout through level 0.74862.
A reversal occurred after price hit the first support level (0.74490). Price is presently back to resistance level 0.75069.
If a breakout occurs at the close of the 10 pm candlestick, there is a huge possibility for price to continue its bullish move to the next possible resistance level 0.75605, and if the present resistance level holds its ground, we may most likely see price revisit support level 0.74490
With that, we are done with our analysis for the week, join us again on Sunday where we delve into another round of analysis on pairs that could be viable next week.
I wish you a great weekend fam
