Happy Sunday Legendary Traders,
How did your weekend go?
Mine was restful, I also spent a generous amount of time going through my trade journal, it was quite insightful.
The new week has begun, let’s go through our charts and tag those charts we should be looking at this week.
1. AUD/USD
AUD/USD spent the entire week being bearish.
Presently price is resting on a key support level (0.68658). We may either spend this new week looking at the reversal of price or we may see a breakout.
A reversal should take price back to resistance level 0.70124 and a breakout should further pull price below 0.68167.
One thing to note regarding this pair is:
The present support level is almost 4 years strong. We may be looking at a support level stronger than Thanos (lol).
If a breakout does occur, I believe there will be a massive bearish move.
2. NZD/USD
Last week Friday was fireworks for those who sold the NZD/USD pair.
The Bears dragged price down to support level 0.64867. There is every likelihood that the current support level could be broken. If it does, we could see price hit the next support level (0.64226).
Mind you, I call this a 60:40 setup. Meaning, there is a 40% probability of a price reversal.
If a reversal does occur, we could see price hit resistance level 0.65903.
3. USD/CAD
The Bulls spent last week proving a point on the USD/CAD pair.
After price hit 38.2% Fibonacci retracement level, price bounced back to resistance level 1.34263.
We could see a reversal this coming week on this pair.
If it does occur, price may fall back to support level 1.32490. However, if there is a breakout of the current resistance level, price may hit the next resistance level (1.35675).
4. AUD/JPY
The AUD/JPY is exhibiting a double breakout.
1st Breakout: A horizontal key support level broken 75.223
2nd Breakout: A descending channel broken at support level 74.745
If we resume this week with the Japanese Yen still being strong, we could see price hitting 72.918 as the next possible support level.
5. GBP/JPY
The GBP/JPY is held by support level 136.595.
This is what I call a classical 50/50 trade.
A bearish breakout should take price to the next support level (132.129) and a reversal may take price back to resistance level 138.167. All we need is a confirmation.
That’s all we have for today my fellow traders.
There will be more analysis during the week as the market starts it’s usual shenanigans.
Stay blessed and as usual, do have a pip-full week ahead.
