Hello Traders,
let’s see what the market has for us this week:
1. USD/CAD
Last week we saw the USD/CAD reverse after price failed to break the key resistance zone.
This week, we may most likely see price return to the previous support zone (1.24982 – 1.24744) and consolidate.
If price reverses at the support zone, then we may see price bounce back to the resistance zone (1.25995 – 1.25773), but if the sellers are strong enough to break the support zone, then price may fall further down to support level 1.24147.
2. GBP/USD
The buyers on the GBP/USD are within the key resistance zone, and what I expect is a consolidation. In other words:
“A fight between the buyers and sellers”
If the buyers win, then we will see a breakout of price through the resistance zone, and our focus will be to join the buyers to the next possible resistance level (1.35995)
If the sellers win, then it means price will form a reversal pattern and our aim will be to join the sellers to the next possible support level (1.33539)
What say you?
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