Hello Traders,
How did your weekend go?
Mine was spent honing my trading skills, playing some “The Last of Us” multiplayer mode, and watching UFC 252.
Though I was disappointed seeing Sean O’ Malley lose to Marlon Vera due to an ankle injury.
One lesson I learnt from UFC 252 was:
You could seem to have everything under control, yet still lose in a game, business, or relationship.
“Never take your wins for granted”
That said, let’s see what the charts have for us this week.
1. EUR/USD
EUR/USD closed On Friday with a bullish outlook.
If the Euro starts the week with strong bullish momentum, we may see price hit 1.19046 as our next possible resistance level.
Before we get our bullish hopes high though, we have to ensure resistance level 1.18562 is broken and confirmed.
2. EUR/JPY
EUR/JPY is presenting us with a premature head and shoulders.
If resistance level 126.210 is strong enough, we may get to see a complete head and shoulder formation as price may likely hit support level 125.871
If 126.210 gets broken, there is a huge possibility that price next bus stop would be 126.695.
3. AUD/JPY
The AUD/JPY is still maintaining its triangle.
I have been tracking this pair now for over 2 weeks. There have been no breakouts, and this is what will make a breakout either way very strong when it occurs.
A bullish breakout may encourage buyers to take price to 78.139, and a bearish breakout may encourage more sellers to pull price down to support level 74.141
I pray it clicks this week.
4. CAD/JPY
CAD/JPY formed a decent resistance level at 80.960
Presently price is almost resting on support level 80.264. If price resumes this week with a strong bearish outlook, we may see the present support level broken and a new support level (79.924) get hit.
We should also note that It’s not impossible for price to reverse at the present support level and find it’s way back to resistance level 80.960
What are your thoughts?
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