Hello traders,
let’s see what the market has for us this week:
1. GBP/USD
Last week price on the GBP/USD continued its bullish campaign.
The only problem I see this week is the key resistance zone which may impede the flow of the bulls. If a reversal do occur, then support level 1.24780 may hold price. If support level 1.24780 fails to hold price, then we may see price slip to the next possible support level (1.21578)
If the week resumes with the bulls dominating the market, and the resistance zone get’s broken, then our next possible resistance level would be 1.29853
2. AUD/USD
AUD/USD closed bullish on Friday.
This week, the key resistance zone is something to watch out for. A breakout means that price may travel over 80 pips to the next possible resistance level (0.72614)
If the bulls fail and the ascending trendline is broken by the bears, price may return to the first support zone (0.70614 – 0.70358), and if the bears press harder and the support zone gets broken, then we may see price fall further down to the second support zone (0.69510-0.69206)
3. NZD/USD
Price on the NZD/USD is at the base of an expanding descending channel. This is what I call a comeback.
On the journey back to the top, NZD/USD has encountered a minor road block (0.65707-0.65276). On the 4-hour time frame it appears as a double top. This may encourage the bears to seize the moment for a while before we see a possible breakout of the resistance zone.
If the market resumes with the bears seizing price, there is a possibility that price may re-visit support level 0.63843. However, if the bulls resume the week with a bang and we see a breakout through the key resistance zone, then there is a possibility that price may continue its bullish campaign to the next possible resistance level (0.67058)
4. EUR/JPY
With the higher lows formed on the EUR/JPY a bullish breakout is imminent.
If this week gifts us the breakout, then we will ride with the bulls to their next destination (137.958)
5. AUD/JPY
The AUD/JPY has attempted to break a key resistance zone for the 4th time now. I can also see higher lows formed.
There is a huge possibility that the buyers may win this war, though its too early to say. Firstly, the key resistance zone has to be broken. If that happens, our next possible resistance level would be 91.987.
If price hits 91.987, we may see price fall back to the key support zone (previous resistance zone) before continuing its bullish campaign. This is a possibility, but we may also see price break the 91.987 resistance level and continue to the second possible resistance level (93.446)
6. AUD/NZD
Last week Wednesday, the sellers on the AUD/NZD gave us a sell confirmation after breaking the long standing key support level (1.09820).
This trade is suitable for swing traders as we may see price hit the next possible support level (1.08226)
What say you?
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