Happy Sunday Traders,
How are you doing and how has the weekend been?
I trust it’s been great, I don’t expect anything less from a legendary pro trader like you.
Mine was okay, I was happy I put significant time into my workouts after a well-rested weekend.
That said…
What pairs are you looking at this week?
Remember, we have just 3 days of trading before the month of August hit us.
Let’s hit the charts…
1. AUD/USD
The AUD/USD was our main focus last week.
Presently price has slightly broken the 3rd support level (0.69088), but we still need additional bearish confirmation if we are bearish biased.
If price continues its bearish move, we should be looking at price level 0.68625 as the next possible support level.
2. NZD/USD
The NZD/USD and AUD/USD pair have similar price movement patterns in most cases like you can see when comparing both.
In the case of the NZD/USD, we can see price resting pretty on a key support level (0.66279).
A bearish breakout should drive price further down to the next possible support level (0.65656) and a reversal of price MAY most likely encourage the buyers to take price to resistance level 0.66641.
3. USD/CHF
Price on the USD/CHF is presently touching a key resistance level (0.99464).
A reversal of price may be looming at this point, if it does, we should be looking at 0.98996 as the next possible support level. A bullish breakout will most likely take price to price level 1.00113.
4. GBP/JPY
Since May, the GBP/JPY has been on a bearish autopilot.
Looking at the 4 hours time frame, price is locked within an expanding ascending channel.
There is a likelihood of price bouncing off support level 134.505 to the next possible resistance level (135.448)
Personally, my bias is bearish on the GBP/JPY.
So, I will be looking out for a breakout at the current support level, and if it does happen, price level 133.836 should be our next possible support level.
Alright, ladies and gentlemen, I am dropping my tired typing fingers at this point. I hope I have dropped some important clues to price movement this week?
Join us daily as we continue to analyze the market as it goes.
If you enjoy our analysis please share our work among your pip loving community. it will help us grow as a blog.
You can also comment below. let me know if you have a different view of the pairs we analyze.
That said, I wish you a great week ahead.
