Hello Traders,
How has your weekend been, and what aspect of trading have you been honing this weekend?
I spent my entire weekend unwinding. It’s been a while I took myself out by myself to enjoy my own company. It was magical I tell you.
So, let’s get prepared for another week in the market.
Let’s hit the charts:
1. EUR/USD
The EUR/USD is currently within an ascending channel and the only thing holding price is a consolidation band.
A breakout through this level will most likely encourage more traders to take price to the next possible resistance level (1.19512)
There is also a huge tendency for support level 1.17763 to be broken, and if that happens, we may most likely see price hit support level 1.15624
2. USD/CAD
USD/CAD closed this Friday with the Bears holding price to ransom after price hit a key resistance level (1.31401)
If the market resumes with the Bears still having an upper hand, we could see the consolidation band get broken and this may drive price to the next possible support level (1.29945)
If not, price could wander back to resistance level 1.30869
3. CHF/JPY
When you look at the weekly chart of CHF/JPY, the pair has spent an entire month consolidating around resistance level 117.455 and 115.670
Last week price closed with a bearish Doji. Could this week bring forth sellers which may drive price down to 115.016? or are we going to see price more consolidation of price this week?
4. AUD/NZD
Since March this year, the current ascending trendline serving as a support for the AUD/NZD has been loyal.
Last week Thursday and Friday showed that the Bulls were overwhelmed in the market, hence price barely moved.
Could this be a sign that the Bears are warming up to take price to the next possible support level(1.06592) or will the Bulls come out strong this week and push price back to resistance level 1.10224?
We will find out this trading week.
What are your thoughts?
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