Happy Sunday Legendary Traders,
How has your weekend been so far?
For me, I spent my weekend relishing the gift and goal I just accomplished, and have been working on for years now. Once my excitement level returns to planet earth, I will share.
So, are we ready for our week’s analysis?
Let’s get on with it…
1. GBP/USD
Price on GBP/USD closed on a key support level (1.30142)
Though price ought to be observing an ascending trend, price actually spent last week struggling to break through a minor descending trendline.
In my opinion, I see the bulls getting weaker in the week ahead. If price should break support level 1.30142, we should see 1.27884 as the next possible support level.
If for any reason, we see the bulls with a renewed energy this coming week, resistance level 1.31346 has to be broken, before we start eyeing 1.33340 as the next possible resistance level.
2. NZD/USD
Finally, after days of tracking NZD/USD, it finally broke a key support level (1.67716)
We should be looking at 0.65903 as the next possible support level.
Mind you, it may reward you being a little conservative as the trading week resumes. It’s the reason why I have a horizontal channel set immediately after the ascending trendline.
If price breaks through the channel’s support level (0.67394) convincingly as we head into the week, we could hop right in and ride with the bears, or can I say “Fish with the bears” to the next possible support level (0.65903).
3. NZD/JPY
NZD/JPY has got price locked within an expanding descending channel.
There was a clear support breakout (75.222) by price, within the funnel (expanding channel). There was also a slight pullback on Friday, just before the market closed.
In the week ahead, I expect price to continue it’s bearish move to the next possible support level (74.743).
That said,
Let us also realize that Sunday and Monday market moves could nullify our analysis made over the weekend, hence caution should be exercised when taking any of these trades.
For this reason, I have this joke about Monday’s and Friday’s market:
Monday’s and Friday’s are used to pay salaries of staff by your brokers
– Fillipo Saga
We are finally done with our weekly analysis. If you enjoyed it, please subscribe and share our content.
We will also appreciate your views of what you think of the pairs analyzed above.
Till we see tomorrow for another analysis, it’s bye bye from us.
