Hello Traders,
Another trading week is upon us and how we prepare ourselves for the task ahead is paramount.
Let’s hit the charts ladies and gentlemen…
1. CAD/JPY
The CAD/JPY has been one pair I have been tracking since the middle of last week.
After two doji’s appeared on the daily chart, the trading week closed with a strong bearish candlestick. This is very exciting for me as a trader, however, I have my own concerns about this setup and the day of the week it is presenting itself.
The market will be opening a few hours from now and we may see either a pull-back or a bearish gap.
My concerns just boil down to the fact that this setup may not be valid if the pull-back turns out to be a reversal. So my advice would be for us to exercise patience before we take a bearish position.
If the bearish momentum continues, we should be looking at price level 79.302 as the next possible support level
2. CAD/CHF
On the larger time frame, we have a bearish outlook on the CAD/CHF.
On the 4 hours chart, we can see price failing to go bullish, even after a double dragonfly doji appeared on a key support level of an ascending channel.
Regarding this pair, I am bearish biased… But, we need to wait for confirmation in order to go bearish.
If a bearish confirmation occurs during the week, we should be looking at price level 0.73771 as the next possible support level (N.P.S.L)
We should also note that there is a possibility that this pair could also go bullish as the trading week unfolds. If that happens, we should be looking at 0.75477 as the next possible resistance level.
3. XAUS/USD (GOLD)
Gold has a beautiful ascending channel that looks promising.
Personally I see this as a 50/50 setup. Meaning, it could go either way.
Presently we can see a consolidation at the present support level (1487.78), but a bearish breakout may most likely drive price to price level 1410.50 which would serve as the next support level
A reversal would mean price will revisit resistance level 1555.76.
Alright ladies and gentlemen, we are done with our Sunday analysis, we will continue to follow up on how these pairs fair during the week while also analyzing other viable setups as the week progresses
I wish us all a pip-full week ahead
