Hello legendary traders,
How was your weekend?
Mine was restful and I had enough time to break a sweat at the gym. I don’t know if it’s the weather, but recently I have been kinda lazy with my daily workout routine (God help me).
So, we are in the 4th week of the month of July, let’s see what the market holds for us this coming week.
1. CAD/JPY
We saw CAD/JPY breaking out of the resistance band (82.558) last week Thursday and Friday presented a slight pull-back, slightly touching the resistance band before the market closed.
This week, if we are to have a bearish outlook on the CAD/JPY, we should be patient enough to see price close below the ascending support trendline 82.173. If that happens, there is a huge possibility that price will hit the next possible support level (80.934)
2. EUR/JPY
The EUR/JPY closed below a minor ascending support trendline (121.127) on Friday, however, this is not enough reason to go bearish on this pair as soon as the market opens.
Personally, I will be looking out for price closing below support level 120.761 before confirming a bearish entry.
If price closes below 120.761 this week, there is every likelihood that the Bears will be encouraged to take price to the next possible support level (118.226), which is over +230 pips.
3. EUR/CHF
On the weekly chart, price on the EUR/CHF spent 3 weeks consolidating around the 1.11372 & 1.10639 levels.
On Friday we saw a massive bearish breakout through the 1.10639 support level.
There are possibilities of a minor/major pullback before the bearish trend continues. On the other hand, we could also see the bearish trend continue with a huge/minor gap.
If the above happens, we could be seeing 1.08365 as the next possible support level before the week/month comes to an end.
4. AUD/USD
At the close of the market last week, price on the AUD/USD almost hit a critical resistance level (0.70893). Also, note that price is within a descending consolidation band.
For those having a bearish bias towards this pair, we need to be patient enough to see price break through the D.C.B (Descending Consolidation Band) (0.70024). If it does, our next possible support level will most likely be 0.69105.
For those having a Bullish bias towards AUD/USD, we also have to wait for resistance level 0.70865 to be broken, before targeting 0.71596 as the next possible resistance level.
Alright Dudes and Dudets, we are done analyzing for the week.
You can also join us for our daily analysis, where we dissect your favorite pairs and point out possible viable levels price will visit during the week.
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