Hello traders,
First week of October looks promising.
let’s see what the market has for us:
1. USD/CAD
March 2020 was the last time the key resistance zone was broken on the USD/CAD.
Last week we saw the bulls break the resistance zone like it never existed. That means October will most likely be ruled by the bulls. All we can do is set bullish traps along the way and wait for price to trip them.
One trap we can set this week is to wait for a minor/major pullback before joining the bullish campaign
2. GBP/USD
Last week the bears took a break on the GBP/USD, and we saw a major pullback.
This week we may see a consolidation of price around the key resistance zone before price returns to support level 1.06378. This does not mean we should start selling immediately the market resumes. All we can do is set deadly traps and wait for the fall.
Mind you, price could also destroy the present resistance zone this coming week and head to the next possible resistance zone. So be cautious this week
3. EUR/USD
EUR/USD also spent the last 3 days of last week retracing its steps .
Let’s see what price will do around the key resistance zone this week. A reversal means support level 0.95621 will be revisited once more.
4. AUD/USD
The minor support level (0.64569) on the AUD/USD finally got broken last week.
So this week, we should be setting bearish traps and our target support level will most likely be 0.60557
5. EUR/JPY
Price is still very much bullish on the EUR/JPY. Price confidently broke the 141.254 resistance level on Thursday and Friday closed with a stalemate.
This week the bulls will most likely commence their journey to the next possible resistance zone marked on the chart
6. XAU/USD
Gold is still bearish looking at it through the weekly time frame.
Gold is presently locked within a descending channel and price has reach a critical resistance zone, and closed with a gravestone doji which signifies that there is a possibility that the bears are knocking on the door.
If our bearish bias is confirmed, then we may ride price back to support level 1620.92
What say you?
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