Hello Traders,
It’s a brand new week and month. Let me be the first to welcome you into the month of March.
So, let’s see what the charts have for us this week.
1. EUR/USD
On the EUR/USD, price closed last week partially breaking through support level 1.20780.
This week, our job would be to wait for a bearish confirmation (if at all), before taking a sell and picking support level 1.20230 as our target profit.
If for any reason, price reverses, then our target profit will most likely be 1.21409.
2. NZD/JPY
NZD/JPY is about to hit a key support area on an ascending trendline.
A breakout or reversal would mean price will most likely visit support level 76.058 or resistance level 77.405
Let’s also note that on the weekly chart, price has reached a key resistance level and there is a higher probability that price may favour the sellers over the buyers this week.
3. CAD/JPY
There are majorly three ways to trade the CAD/JPY
First of all, on the higher time frame this pair is bearish, so, how do we trade this pair?:
- We could wait for the 83.643 support level to get broken, before taking a short cell within the consolidation band, and placing our target profits as 83.215 or
- We could wait for the 83.215 support level to get broken before taking a sell and placing our target profit as 82.316 or
- We could do both (If you are an experienced trader)
Mind you, we could see a minor or major bounce off the 83.643 support level this week, so don’t be in a rush to sell this pair.
What say you?
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