Hello Traders,
My market activities dropped last week, both in my daily analysis of the blog and trading too.
There were not very many viable setups in the market, and we all know why I believe…
For those who don’t know, It’s the CHRISTMAS & NEW YEAR holidaaaaays.
Market activities drop because the big banks and big boys in trading also need to rest.
That said, I forgot to ask you, pardon my bad manners…
How are you preparing for the hols and what are your new year resolutions as regarding trading. If you don’t mind, you can share your trading resolutions in the comment below.
Alright, the market has some few setups that may most likely play out, let’s hit the charts and see what’s up.
1. EUR/USD
EUR/USD on the daily chart made a strong bearish reversal after hitting a strong resistance level at 1.11163.
Going down to the 4 hours chart, we can clearly see that support level 1.10630 has been breached and a slight pullback can also be seen.
The Bears may continue doing their thing this week and further pull price down to support level 1.09944.
2. NZD/USD
On the daily chart, NZD/USD is closely approaching a key resistance level (0.66131)
Price action around that resistance level should give us a clue on where next the market will be heading to.
A breakout will most likely send price to the next possible resistance level (0.67939) and a reversal could also encourage the sellers to pull price back to support level 0.64456, and if the support is broken, price may further continue it’s bearish move below support level 0.63324.
3. NZD/JPY
NZD/JPY has a similar setup to NZD/USD, the only difference is that on the NZD/JPY we clearly have price hitting a critical resistance level.
A breakout could further encourage the buyers to pull price to the next possible resistance level (72.947) and a reversal signal will most likely start another bearish move to support level 69.668.
That’s all we have for the week folks, thanks for joining us for another weekly analysis and do have a great trading week ahead mates
