This week on the daily timeframe of the Euro vs Kiwi, there’s a double bottom that was followed by a broke-out and a confirmation retest. The neckline has acted both as resistance and support, the latter following the break out. Bulls closed off the week as shown by the bullish engulfing. In addition to that, the pair has been trading within an ascending channel.
Our bias on this pair is bullish succeeding the break out. The rising channel further adds on to our bias. This is a good example of trading confluence. We monitor the pair closely to see whether bulls will sustain the momentum.
Looking at the Lonnie vs yen pair this week, we can see price was supported by a major level. It went further on and consolidated forming a series of lower highs and higher lows. This gave rise to a symmetrical triangle.
The last candlestick was a close below the previous one, which closed as a doji. Chances are prices may slide off to the lower boundary of the triangle. To validate any bias at this point, we wait for a break out. Otherwise we sit on our hands.