Happy Sunday Traders,
We have finally arrived at the last trading week for the month of February.
Let’s see what the market has for us.
1. AUD/USD
The Australian Dollar has price currently touching a key resistance level 0.71464 within a horizontal channel.
The present resistance level, was also once a key support level of an ascending channel which was broken by the bears. If price should break the current resistance level, we should see buyers take price to the next resistance level (0.71825).
On the hand, if the present resistance level serves it’s purpose, there is every likelihood that price may most likely return to support level (0.70714).
2. NZD/JPY
NZD/JPY and the AUD/USD have a similar setup on the 4 hours chart.
There would be no need going through the analysis, since we explained it thoroughly in the previous setup.
3. NZD/USD
NZD/USD has price forming an expanding pennant on the 4 hours chart.
We should be waiting to see how price reacts to resistance level 0.68755, before committing our hard earned pay to this trade.
If our system confirms a reversal, we could be seeing price touch support level 0.67564. However, if price breaks through the resistance level (0.68755), there is every tendency that price’s next stop will be resistance level 0.68930 and beyond.
4. CAD/CHF
There was a price breakout, through a pennant’s resistance level (0.75994) on the CAD/CHF pair.
Ideally, if we were trading within the week, I would have said price’s next resistance level would be 0.76432.
But hey…
Wake up buddy, it’s the beginning of the week, and anything is possible. If we get a confirmation to follow the bullish trend, then, we will be buying this pair, till the bulls take price to the next resistance level (0.76432).
If there is no bullish confirmation, we will stay by the sidelines with a cup of coffee, observing the market.
Ahaaaa!!!… We are done with our weekly analysis. Let’s know what your views are on the pairs above.
We would also appreciate if you help us spread our analysis among your pip loving friends.
I wish you guys a great trading week
