Weekly market analysis: USD/CAD, GBP/USD, AUD/USD & CHF/JPY

Hello traders,

let’s see what the week has for us:

1. USD/CAD

The head and shoulder pattern was spotted on Thursday and I took the trade, which can be seen recorded in my journal

The market closed bearish last week, and the likelihood of price hitting NPSL is highly likely since we closed last week with a bearish breakout

2. GBP/USD

GBP/USD spent the entire last week consolidating within the resistance zone. Indecision between the buyers and sellers closed last week with a stalemate.

This week, if the bears break below the key resistance zone, price may return to the 1.21551 support level which coincides with the ascending trendline serving as a key support level. There is also a possibility that buyers may break the current resistance zone and head to the NPRL.

The key thing to watch out for this week is a breakout, but if you ask me, my bias is bullish due to the weekly time frame

3. AUD/USD

The last time price revisited resistance level 0.713714 was a little over 4 months ago.

There is a huge possibility that we may see a reversal at this point, and price may most likely re-visit support level 0.69798 this week

4. CHF/JPY

On the CHF/JPY we can see that buyers struggled all through last week, coupled that price is locked within a descending channel, also the 200 ma did a good job in giving sellers all the edge they needed last week

The weekly time frame also supports our bias that price is currently around a key resistance zone and a reversal is most likely to happen.

So we are most likely to see price revisit the NPSZ

What say you?

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