Happy New Year Traders,
I, The Crafter formally welcomes you to the year 2020, I also wish you a more purposeful life and a better trading year.
Finally, I am back to trading, I will be taking it a little bit slow as the month of January progresses before I get in full throttle.
So, tomorrow is already Friday, however, there are a few good setups I believe we should be looking at before we hit the weekend.
Let’s hit the charts…
1. EUR/JPY
On the 4 hours chart of the EUR/JPY, we can see price respecting an ascending trendline serving as a support.
Currently, price has broken the ascending trendline’s key support level (121.373) and hit its first support level (121.094).
If we get another bearish breakout of the current support level, then we may see price continue another fall to the second support level (120.382).
On the other hand, we should also be mindful of the present support level, there is also a likelihood that price may bounce back to resistance level 122.401 if the buyers come rushing in.
Personally I have a bearish bias, but I still need to confirm it.
2. USD/CAD
On the daily chart, price on the USD/CAD was within a triangle until it broke through a key support level (1.30343).
Our next move would be to see how far the pullback will move before continuing its bearish move, or could it be a fakey?
Well, a bearish confirmation occurring or NOT would reveal that.
That’s all for today ladies and gents, wee you again on Sunday where we will be looking at some viable pairs for the week.
Do have a fab weekend
