Happy Sunday Traders,
Another trading week is upon us, the question is:
Are we ready?
Alright, let’s hit the charts and see how we could prepare for the market.
1. EUR/USD
EUR/USD last week broke a key support level (1.12526), after being unable to go beyond the 1.14102 resistance level.
If the market resumes later today with a weaker EUR, we could see price hitting the next possible support level (1.11114).
2. GBP/USD
Support level 1.24841 has held its ground now for over 6 months, and each time price bounces off the current support, the support becomes weaker.
Though there is a slight retracement of price on the GBP/USD, in my opinion, we would need more bullish confirmation before settling for a bullish move to the next possible resistance level (1.27492)
If price finally breaks through the present support level, the Bears may most likely pull price to the next possible support level (1.21378) which is over +300 pips move.
3. EUR/AUD
EUR/AUD is running it’s second week in our weekly analysis as the hottest pair alive (quite a title)
Last week we speculated of its bearish move to its next possible support level (which it did), if you missed out on it, you can check here
Personally, I see the present support level (1.60370) as a far weaker one than the previous, hence the present bullish outlook MAY just be a trap.
If it’s a trap and the Bears break through the support level, price may hit 1.58921 as the next support level.
However, if the market directs otherwise and the Bulls still reign supreme as the market opens later today, we may see price hit 1.62248 as the next possible resistance level before the week runs out.
4. CAD/JPY
Price on the CAD/JPY is maintaining a beautiful descending resistance level.
If price is rejected by the present resistance level (83.026), we may see price hit support level 80.953, and if during the week we see a breakout of the current resistance level, the Bulls may pull price to the next possible resistance level (84.337)
Like I always say, The new week may resume with a different price dynamics from we have speculated, hence it’s paramount to ensure confirmation before committing to any trade
I wish you a pip-full week ahead
