Hello traders,
It’s another beautiful week ahead of us and there are some great setups we should be paying attention to.
1. GBP/JPY
GBP/JPY has reached a key support zone for the 7th time this year.
There are no signs of the support zone being weak, but we should also have it at the back of our mind that:
Structurally the support zone is a lot weaker than every other time price touched it. This means we should not be in a hurry to buy yet, except your trading system permits you.
Waiting to see how the Monday daily candlestick closes will be useful to ascertain price next move.
If a bullish move is confirmed then we should be eyeing resistance level 152.230 as price next stop and if the current support zone is broken, then price may do two stops on its way down. Those stops will most likely be 147.035 and 143.970
2. GBP/CHF
Last week we saw GBP/CHF break a key support zone. What we will be seeing today is a minor or major pullback before it continues its journey to the next possible support level (1.19545)
3. EUR/JPY
The bulls are almost losing the fight on the EUR/JPY.
We can see a consolidation that has lasted since last week on a key support zone. All we should be watching out for is the close of today’s daily candlestick. If the bears move in and validate our bias, then we will be selling till we hit the next possible support level (125.074)
4. XAU/USD (GOLD)
On the daily time frame of Gold, we can see price has formed an ascending trendline, and a bullish engulfing candlestick (meaning that the buyers are at an advantage)
But this may not be enough to get into this trade because we will need some bullish confirmation which we may not get till the close of the daily candlestick today.
If we do get a bullish confirmation, then price next target will most likely be 1830.85, and if for any reason this ascending trendline is broken, and the sellers come in raging, price next bus stop would be 1722.79
What say you?
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