T.G.I.F traders,
I hate trading on Friday’s, I must confess about this. But that doesn’t necessarily mean, I won’t trade if I do see a viable trade that I cannot resist.
I may stick around through the early hours of Friday, to see if some setups would favor my style of trading, and if they don’t fall into my trading criteria, I guess I will have to chill till next week.
So, let’s see what trades I am currently looking at.
1.EUR/AUD
EUR/AUD is presently testing a resistance level (1.57777) of a shoulder in a head and shoulder formation.
Don’t forget, its a daily chart, Euro has been highly bullish for the better part of the week, but the key question here is, can the resistance level be broken after the 11 pm candlestick has been fully formed?
If the resistance level is broken, we may most likely see price take on the next resistance level (1.59979). However if the current resistance level proves too difficult, we could see the bears moving in tomorrow and taking price back to level 1.55543. So, let’s watch out how the 11 pm candlestick closes.
2. XAU/USD (GOLD)
I have been trailing gold for quite some time now, and all I have noticed is that: Gold has lost its bullish steam.
On the daily chart, we can see that gold has been finding it difficult to breakout from resistance level 1243.18. If the candlestick ends up with a bearish pin-bar, the bears may most likely take price to its next support level (1222.08).
If price breaks out from the present resistance level, The bulls should be able to take price to the next resistance level (1260.89)
I hope our analysis gives you a better angle when picking your trades.
Do comment if you got contrary views or have an additional information to share. That said, I wish everyone a blissful weekend
