Market Commentary Aug 17th
My current active open trades: EURGBP & AUDUSD (option)
NZDCAD – Attempting to Build Base, Closed Trade for Profit (4hr chart)
As per our recent market commentaries, we suggested the key resistance level at 9530 would hold and it has done exactly that.
After touching the level in a post RBNZ rate spike, the pair ran into a solid amount of offers and sold off heavily.
You might also notice I’m no longer in the NZDCAD as it’s no longer a part of my ‘current active open trades’ as I scooped up about +200 pips of profit on this one.
For now the resistance level is still key for bulls and bears will assume it to act as a defense (for now).
If the price action builds to the upside, then we may be witnessing a pre-breakout formation.
If however the impulsive price action heads south, then we’ll likely see 9000 and perhaps an attack on the bottom of the range near 8599.
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