Hello Tradeeeeeeeers,
We are about hitting 2019, how awesome could that be?
Well, let’s quickly look at our charts and analyse some setups this first week of the year.
1. CAD/JPY
CAD/JPY seem to use a common support level (80.854) every year as a spring board to its next bullish move.
This year though, the support was tested a little too early. In my opinion, the present support has become weak and we may see a bearish breakout before the month of January elapses. If that occurs, CAD/JPY will go on a bearish rampage to the next support level (76.873)
If a bullish reversal happens for any reason, a resistance level that will be visited by the bulls will be 83.409. Then price could decide to either continue it’s bullish run or reverse back to a previous support level which may now be broken.
2. AUD/JPY
AUD/JPY on the daily charts has kept its promise to disintegrate every support level it hits.
Price is currently on a third support level or a pull back that has just continued it’s bearish move. If the present support level (77.669) is broken, we may see price on another bearish move to the next support level (76.066).
If price also reverses at the current support level, a former support level (78.725) may most likely get hit.
In both trades, be cautious. There are so many reasons to be wary of. To start with, its the end of the year, so, anything can happen.
Wishing you all a happy new year, see you all next year by God’s grace.
