Hello Traders,
Welcome to the month of February.
Some interesting setups are lined up for our trading pleasure this first week of the month.
Let’s check them out…
1. AUD/JPY
Through the daily time frame of the AUD/JPY, price has partially broken the third support level (72.715).
All we need at the open of the market is a confirmation to go bearish. If we get that confirmation, we most likely should be looking at 70.858 as the next possible support level.
2. NZD/JPY
After price on the NZD/JPY broke out from support level 72.053 of an ascending trendline, there was little or no resistance to price bullish move.
Support level 70.583 was broken before the market closed for the weekend.
A minor or major pull-back may play out at the open of the market, before the sellers add another bearish momentum that will push price to our next possible support level (68.908).
3. USD/CAD
On the daily chart of the USD/CAD we can see an expanding descending channel.
Price will be hitting resistance level 1.32515 for the fourth time. A breakout will most likely send price to our next possible resistance level (1.33203) and a reversal of price will definitely encourage the sellers to push price to 1.31157 which would be price next possible support level.
4. XAU/USD (GOLD)
Last week, on the 4 hours chart, we saw price fighting hard to break resistance level 1585.83.
On Friday, the buyers gave traders a ray of hope after partially breaking resistance level 1585.83.
If the buyers are not just faking the breakout, we may most likely see price rise to hit a familiar resistance level (1611.44) before the close of the trading week.
That’s all we have for the week folks. Do join us all through the week as we assist you with market analysis.
Thank you for your time and do have a productive week ahead.
