Weekly Market Analysis: AUD/USD, EUR/NZD, & EUR/CHF

Hello traders,

Let’s hit them charts:

1. AUD/USD

AUD/USD has a beautiful re-test and breakout, which happened last week.

The breakout is a strong Marubozu, which signifies that we are most likely to resume the week with aggressive bulls taking price further up to NPRZ 

2. EUR/NZD

For this setup, I would love to wait and see what the close of Monday’s daily candlestick will look like.

A breakout below the key support zone will most likely encourage sellers to pull price to NPSZ

If, for whatever reason, we do get a reversal at the close of Monday’s candlestick, I may most likely sit by the sidelines.

3. EUR/CHF

The strong bearish drop on EUR/CHF last week has brought price to a key support zone that has been tested for the third time in the past 7 years.

While there is a huge possibility that price may break the key support zone, I do not believe that the bears will break this zone without a fight from the bulls.

For this reason, there is a huge likelihood that price may revisit NPRZ before the breakout occurs (if at all it happens)

What say you?

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