Happy Sunday Legendary Traders,
It’s another beautiful Sunday I tell you guys.
The weather here in Lagos Nigeria is quite warm and the view of the sun rising while typing away is awesome.
The previous paragraph was written in the morning. It will amaze you that shortly after I got up to attend to some domestic chores, the sun got lost in the dark clouds, and it rained all day.
The weather is presently cool over here, and a great way to start the week if you agree…
The market has some great setups waiting for us this week.
Let’s hit the charts…
1. GBP/USD
Price on GBP/USD is about to hit a critical support level (1.26908) after rejected by resistance level (1.31521), afterward, broke through a key support level (1.28938).
Judging from last week’s bearish strength, if Bears continue this their ambitious move, and the current support level is broken, we may most likely see price hit the next possible support level (1.24817).
My thoughts are:
We may most likely see price play within the support band before a breakout.
2. NZD/USD
On Friday, price on NZD/USD closed by relaxing on a key support level (0.65152)
A breakout from the current support may most likely send price to the next possible support level (0.64248).
That said, we should also be wary of tomorrow being Monday. On such days, anything can happen in the market.
A breakout should be supported by a good sell confirmation before committing your hard earned cash.
3. GBP/JPY
GBP/JPY is currently resting on the second support band (139.758)
We may see a bounce within the band before a bullish breakout which may most likely pull price to the next possible support level (135.918)
Remember, we will need some patience and sound money management skill to see us through these beautiful setups.
Wishing you a pip-full week ahead
