Hello Traders,
It’s a brand new week and month. I welcome each and every one of us into the month of May.
Let’s hit the chart:
1. GBP/USD
Price was heavily bearish last week Friday on the GBP/USD.
Presently price is resting on a key support level (1.38019) within a consolidation zone. If the bears resume determined this week, we may see price break the present support level and go further down to the next possible support level (1.37162)
On the other hand, Monday’s could be really very tricky and price may lose last week’s momentum, so we may see price play within the consolidation zone, or even reverse altogether and head back to resistance level 1.39162
2. EUR/USD
EUR/USD did something phenomenal last week
Price broke out of the ascending channel that is about a month old, and the breakout had a strong bearish momentum.
Presently price is resting on a key support zone. If you also use the Fibonacci retracement levels, you will also observe that price is currently resting close to the “Golden Ratio” (50.0% & 61.8%)
This week we may see a pull-back and price may revisit resistance level 1.20795. There is also a possibility that price may break through the current support level and hit the next support level (1.19550)
3. EUR/CHF
EUR/CHF is currently within the consolidation zone. Two things I will be looking out for this week would be:
- If price breaks support level 1.09587, there is a possibility that price next stop would be 1.08625
- If price breaks resistance level 1.10062, there is a possibility that price next stop would be 1.10556
4. XAU/USD (GOLD)
Price on Gold is trapped within the consolidation zone
This week, we should watch out for breakouts of price below support level 1763.55. My reason for this is because of the decent risk/reward ratio, since we will most likely be targetting 1725.70 as our next possible support level
If I were to follow a bullish bias during the week, I will wait for price to first break resistance level 1790.00, before I place 1816.75 as my next possible resistance target level.
What say you?
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