Hello Legendary Traders,
How has your weekend been and have you started shopping for Xmas yet?.
Come to think of it, we have less than 50 days before Christmas.
The market last week picked up momentum and some of our setups worked out so well. Looking through my charts, I can see that this week also seems promising, and that is if Sunday/Monday doesn’t ruin our setups.
Let’s head straight to our charts.
1. AUD/USD
On the 4 hours chart of the AUD/USD we saw price close below the consolidation band which has been a fairly strong support.
If the market resumes with a weak Australian dollar this Sunday, there is every likelihood that price will further drop to the next possible support level (0.68105).
2. NZD/USD
NZD/USD closed the market last week by breaking an important support level (50% Fibonacci retracement level).
If the market resumes with the current bearish outlook, we should be looking at 0.62824 as our next possible support level.
3. XAU/USD (GOLD)
After Gold broke through the ascending trendline, it spent a while trying to break another important support level (1464.86).
That said, we saw Friday market close with price partially breaking out of the current support level. We definitely would need an additional confirmation before we go bearish on Gold.
If the bearish confirmation pulls through, support level 1410.14 would be price next bus stop.
We are done with our weekly analysis, join us through the week for more analysis on the market and your favorite pairs.
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Do have a great week ahead, and as always…
Remain pip-full
