Hello Traders,
How was your trading week and how has your weekend been so far?
Let’s hit the charts and see what pairs we could be looking at this week.
1. USD/CAD
The USD/CAD spent the entire week on a bullish reversal after hitting support level 1.33523.
Before the market closed on Friday, we saw price hit a key resistance level (1.36720).
Is this week going to present to us a bearish reversal that could take price back to support level 1.33523 or are the bulls strong enough to break resistance level 1.36720 and take price to the next possible resistance level (1.38589)?
2. AUD/JPY
Resistance level 76.548 was established last week on the AUD/JPY, and we saw price obey the laws of gravity, till support level 73.120 was hit.
This week, are we going to see the bears break the present support level and continue the free fall to the next support level (70.714)?
Or, are we going to see the Bulls lay an ambush for the Bears which may most likely take price back to resistance level 76.548?
3. NZD/JPY
On the weekly chart, the NZD/JPY still has a bearish outlook and what we are seeing may just be a minor pull-back.
If that is true, we could be seeing price revisit support level 68.203. If the bears are strong enough, 68.203 may get decimated and price could move on to the next possible support level (66.547) before the weekend.
That said, we also have to ensure we get a confirmation before we jump into a sell position.
4. CHF/JPY
On the daily chart of the CHF/JPY, price is bearish, though we are seeing a doji on a key support level (112.657) of the 4 hours chart, I still have a bearish bias.
There is also a possibility that price could bounce off to 113.617, which is a former resistance level, but my eyes will be fixed on the current support level and price behavior around it when the market comes alive.
If we get a breakout and our confirmation for a sell pulls through, then we will be hoping that price next possible support level would be 111.652.
What are your thought, drop them in the comment section below.
Do have a pip-full week ahead
