Hello Traders,
how has your weekend been?
Mine was filled with the anticipation of the fight between: Israel Adesanya vs Yoel Romero.
For those who don’t know about both fighters and what sport they are into, let me brief ya.
Both athletes are into MMA (mixed martial arts). A few years ago I stumbled across the sport and instantly fell in love with it.
What made me look forward to this match was the fact that Israel is a Nigerian (based in Auckland, New Zealand) and he is the fastest rising athlete in MMA (quite inspiring)
Most MMA fans around the world disliked the fight because both athletes played safe, so there was no blood splashing or head splitting scenes all through the bout, which is typical of MMA fights.
The bout ended with a victory for Israel Adesanya by a unanimous decision.
Well, I learnt something from the fight as a trader…
A victory is a victory, it doesn’t really have to be gory in order for it to be a good fight.
Same with trading, to become profitable in the market, trading does not necessarily have to be stressful.
Boring most times is good, in as much as you know what you are doing.
That shared, let’s go straight to what we are here for…
1. AUD/USD
AUD/USD is slowly reaching a key resistance level (0.66844).
We could see a reversal once price hit 0.66844, forcing price to re-visit a previous support level (0.64368), or
Price may play within the consolidation band before a bullish breakout to the next possible resistance level 0.68732.
Let’s see how it goes.
2. USD/JPY
Last week we saw the USD/JPY on a bearish rampage.
The market closed with price almost touching a key support level (104.586).
Is this week in the market going to open with the Bears still ruling USD/JPY?, if so, we could be looking at price hitting the next possible support level (101.107).
If NOT, we may just see price retrace it’s steps back to resistance level 106.958.
3. EUR/CHF
After spending weeks within the consolidation band, teasing most traders, the EUR/CHF has finally broken through the consolidation band.
As the market resumes later today, we may just watch out for a possible pullback before selling this pair, having 1.04163 as our next possible support level.
4. XAU/USD
Gold made some interesting moves on Friday.
There was an immediate bearish move as soon as price hit resistance level 1688.40. Price never hit support level 1633.44 before we saw an immediate pullback.
There is a possibility that this week, price could break resistance level 1688.40 and form a new resistance level (1738.37).
On the other hand, we could still see price retest support level 1633.44 before deciding on which direction to go.
Personally I have a bullish bias towards gold, but let’s see how it goes.
Thanks for your time and do have a pip-full week.
