Good day Traders,
I am currently monitoring one of the bets I placed while updating our weekly forex analysis.
It has been an awesome weekend so far, I am still enjoying an awesome winning streak (https://twitter.com/THE_CRAFTER_/status/1218832988148064258) in my sports trading hustle.
I shared half of my bets taken with other punters on my FREE Telegram channel (https://t.me/craftingpips), if you are interested, you can join in.
In the channel, I also share at least one free trade during the week, in order to assist new traders.
That said, how did your weekend go? hope great?
Alrighty… Let’s dive into our charts, there are some setups I believe we may milk some pips from during the week.
1. EUR/USD
The EUR/USD on the daily chart gave off a bearish pin-bar candlestick on Thursday after hitting a key resistance level (1.11747) of a descending channel on a weekly time frame.
Right now, support level 1.10896 may not be as strong as the Bullish biased traders may want it to be.
In my opinion, we need to wait and see how price reacts around the current support level when the market opens later today.
If the Bears are favored during the trading week, our next possible support level would be 1.09925, if not, we could see a bullish reversal of price to a previous resistance level (1.11731)
2. AUD/USD
The AUD/USD has a very interesting setup when looking at it through the daily time frame.
After it broke out from a long-standing descending resistance trendline, it spent over a month forming a head and shoulders pattern, which can also also be seen as an ascending trendline formation which has served as a good support level for over a month too.
A bearish breakout at support level 0.68710 will most likely encourage the sellers to push price down to the next possible support level (0.68131).
Let’s not forget that there is also a possibility of price reversing at this point too. If that happens, we could be seeing price start another move to resistance level 0.69288.
The watchword here is getting confirmation of price next movement.
3. AUD/CAD
On the 4 hours chart of the AUD/CAD, a common ascending support level (0.89872) has been breached.
I have a bearish bias towards this pair. If the opening of the market later today further confirms that the Bears rule this pair, then it’s a sell to the next possible support level (0.89062).
Which of these pairs are you most likely to trade this coming week and why?
You can drop your opinion in the comment below.
That’s all we have for today folks, join us again tomorrow and for the rest of the trading week for more updates on the market’s activity.
I wish you a productive week ahead.
