Good day traders,
Finally, its Friday again. Let’s head straight into our charts and see what the market has got for us.
1. USD/CAD
We analysed USD/CAD at the beginning of the week here
After the resistance breakout at level 1.31012 on the daily time frame, there seem to be a pull-back, forcing price to rest on a key support level (1.30899).
The present support level on the daily time frame, aligns with an ascending support line on the 4 hours time frame. If price bounces off the present support level, we may see the bulls take price above level 1.31198.
If price breaks out from the current support level, we could see it tumbling below level 1.30166.
3. EUR/USD
On the daily chart, EUR/USD has bounced off a strong support level (1.13024), this bounce also broke a descending resistance level at 1.13918.
The bulls are presently hoovering around level 1.14337, which is a strong resistance level. We should be looking for another breakout to the upside or a re-bounce to the downside before we take ANY ACTION.
A breakout should take price above level 1.14894 and a rebound on the present resistance level could take price to hit it’s next support level (1.13841).
In any of the trades you take, EXERCISE GREAT CAUTION, as you know what day of the week it is….FRIDAAAAAAY!!!
Do have a great weekend ahead and don’t forget to
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