Good day traders,
It’s not just the close of a trading week, but also the close of the month of August.
Let’s get into our charts, and see what the market holds for us tomorrow
1. GBP/USD
A descending channel on GBP/USD.
GBP/USD and EUR/USD are correlated pairs (pairs that move the same direction at least over 80% of the time). However, today’s market held a lot of surprise for most traders.
While EUR/USD for the better part of today had a BEARISH MOVE after a promising bullish candlestick formation at the close of the yesterday’s 10pm GMT. GBP/USD formed a consolidation area around a channel’s resistance level (1.30510).
Tomorrow we may see a further consolidation, or a breakout which may usher in the bulls for next month.
2. NZD/JPY
A crazy bearish reversal hit the NZD/JPY today and over a +110 pips were given to traders who anticipated this move.
Tomorrow we may see a major or minor retracement on this pair. NZD/JPY should be a good pair to trade next month if you ask me.
Do have a great day ahead.
