Happy Sunday Legendary Traders,
Welcome to the last week of the second quarter of 2019.
Weeks like this gets me all hyped. The reason is simply because I will be having a self-appraisal day next weekend.
We are halfway through the year and visiting those yearly resolutions of ours is very important if we want to make any considerable progress in our given career
That said, how has your weekend been?
Mine has been busy with family chores and some personal work.
That doesn’t mean I didn’t find time to relax by watching films and gaming online.
Well, let’s get into our charts and mark those setups we should be looking at this week.
1. AUD/USD
AUD/USD closed on Friday with price being bullish.
Personally, I will be waiting to see how price will react to resistance level 0.69636. A breakout should further encourage the Bulls to take price to the next possible resistance level (0.70215)
A reversal could be more rewarding, as we may also see the Bears taking price to a support level lower than the previous low (0.68311)
2. NZD/USD
There are so many angles to look at the NZD/USD.
Presently price has formed a long-legged doji. If we were actively into the new week and price closed this way, I would have been waiting for a confirmation for a reversal.
Since we are hitting a new week, we need to be patient enough to see how price will react around the present resistance level (0.65903) and the second descending resistance level (0.66271).
A reversal confirmation will send price back to support level 0.64881 and a breakout through resistance level 0.66271, may most likely send price to the next possible resistance level (0.66817).
3. GBP/USD
A beautiful descending channel can be spotted on the GBP/USD pair.
The Bulls and the Bears are presently battling on a key resistance level (1.27492).
If the Bulls win this battle, we may my most likely see price hit it’s next important resistance level (1.29580).
If the Bears win the battle, we should be looking out for a reversal that could further push price below support level 1.25036.
4. GBP/JPY
I ran out of ideas actually, so I decided to call this setup an incomplete pennant (lol)
Anyways, we can see price is struggling to break resistance level 136.934 on the 4 hours chart of the GBP/JPY pair. If a breakout occurs, price could further hit level 137.762
However, if a reversal does occur, price could hit price level 136.176 as the next possible support level.
In all of these setups, I got two important pieces of advice:
- Patience is needed for these setups to fully materialize and
- Money management skill should be top notch, there is no perfect setup.
With that, I wish you guys a grand week ahead and do stay blessed.
