TGIF Traders,
The weekend is here again.
Today we will be looking at two pairs that are closely related and also giving us the same signal.
1. AUD/NZD
On the 4 hours chart of the AUD/NZD we can see price re-visiting support level 1.03891.
The last time it visited this support level was a little over a week ago, and price broke support level 1.03891 and went ahead to hit the next support level (1.03187)
Are we going to see a repeat of what happened previously? or
Is price going to bounce back to the previous resistance level (1.04411)?
2. AUD/CAD
On the daily chart of the AUD/CAD we can see price already struggling with a key resistance level.
The Bulls have spent 4 entire days trying to break resistance level 0.90228 but the walls seem too thick to do so.
If the market closes with the daily candlestick still having a bearish pin-bar, we may end up seeing the sellers coming into the market.
Price may not go all the way down to support level 0.89023, remember, it’s Friday, but we could get a decent +20 to +40 pips from this trade.
We need patience here though, the daily candlestick has to close before we make any decisions.
That’s all we have for today folks, join us again on Sunday when we share what pairs we should be looking at during the week.
Thanks for spending your time with us and I hope we were of help.
Do have a great weekend and stay safe.
