Hello Traders,
How has your weekend been?
Mine has been great until I watched one of my best MMA fighters Connor McGregor get beaten by Justin Poirier a couple of hours ago.
Well, it happens. Let’s see what the final week of January has for us in the market.
1. AUD/USD
Currently, the AUD/USD is retesting support level 0.77087 which has held since last year November.
If the ascending trendline gets broken this week, then price will have the consolidation band to deal with.
If the sellers do have enough pressure to break the consolidation band, then price next move will most likely be 0.74748.
If on the other hand price is rejected by support level 0.77087, we may see it retest resistance level 0.77799
2. AUD/CHF
On the AUD/CHF, price broke a long-standing support level (0.68531) of an ascending channel.
Presently price is resting on a minor support level (0.68228). If we resume the week with motivated bears, we could see price go further down to support level 0.67514
3. CAD/JPY
This week we may see price on the CAD/JPY retest support level 81.365.
To me though, price action will become more interesting if price breaks the consolidation band. If it happens I will be looking at support level 80.556 as the next possible support level
I will also advise that we have our eyes focused on a possible price bounce, which may take price back to resistance level 81.784.
What say you?
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