Hey traders,
let’s hit them charts:
1. GBP/USD
We can see a textbook descending channel on the GBP/USD.
The first few opening hours of the market will determine if we are to go bullish or bearish, however, if we closely examine the daily time frame, the market closed with bullish engulfing candlestick on a key support level (1.37991) which gives the buyers an edge this week.
If we do get a bullish confirmation, our next possible resistance level would be 1.39360
2. AUD/JPY
The AUD/JPY went according to the analysis we gave on in our telegram group on Friday
Presently price is resting on a key support zone (80.749 – 80.711) and the bears are still in control of the market.
That said, we could see a reversal when the market is back in action, so we need to be patient and see what price will tell us
If the present support zone is broken and we do get a sell confirmation, 80.404 will most likely be our next possible support level, and if the bulls change the tide of the market, we may see price retest resistance level 81.057
3. NZD/JPY
the ascending trendline may not serve as a perfect support level for the NZD/JPY, but the key support zone has been consistent.
A bearish breakout and confirmation will most likely encourage more sellers to push price down to the next possible support zone (76.493-76.241)
There is also a possibility that price could bounce back to resistance level 77.639 when the market resumes, so patience is key.
What say you?
For those who are interested in joining our FREE trading group on Telegram, where trade ideas and trade-related topics are discussed, which could assist your trading career while being infected by positive vibes
hit us on Pip Crafters
