Hello legendary traders,
How did your weekend go?
Mine was spent recovering from pneumonia. The little energy within me was used in gaming online (hahaha).
Now that I am feeling a little better, let’s hit our charts and see what the week holds for us.
1. EUR/AUD
EUR/AUD has attained superstar status, simply because this is the third week the EUR/AUD has appeared on our weekly analysis and this pair has also been providing some traders (like me) with weekly pay.
This week we can see a perfect head and shoulder formation.
What we should be looking out for is either a breakout or a rebound. If a breakout happens, we should be looking at the next possible support level (1.58132) and if there is a rejection of price, the next possible resistance level will most likely be 1.62211
2. CAD/JPY
The CAD/JPY was one pair I anticipated so much from last week, but price ended up locking itself in a heated battle between the Bears and the Bulls within a consolidation band.
This week we should be looking at either a bearish breakout through the support level 82.600, which may further send price on a bearish move to the next possible support level (81.622)
If price also presents a resistance breakout (83.200), the Bulls may drive the market to the next possible resistance level (84.042).
3. XAU/USD (GOLD)
For all my Gold loving pirates, price has formed a beautiful pennant over the course of almost three weeks.
A breakout through resistance level 1423.26 should encourage the buyers to force market above price level 1438.39
A breakout through support level 1390.27 could most likely encourage sellers to push price below price level 1365.49.
4. USD/CHF
USD/CHF spent the first few days of last week showing signs of a reversal, hence printing for us a second descending resistance trendline.
Presently we have price that broke through support level 0.98660. This new week we should be looking out for a retracement of price, and if the Bears still decide to take price for a bearish ride, price level 0.97183 should be our next possible support level.
Alright ladies and gentlemen, we are done for today, join us daily as we analyze your favorite pairs.
Do have a grand weekday
