Good day traders,
it’s a cloudy and rainy morning over here, and I love it.
How is the weather over there and how did you fare in the market last week?
Personally, the market gave a few fair setups which I traded.
Let’s see how they went
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My Gold trade would have been a solid turning point last week, but guess what happened?
A few pips away from hitting my target profit, and price fell flat like a bread dough prematurely brought out of the oven. Thankfully I had my stop loss on a breakeven.
We are in the last week of the month of April already and I am looking forward to the market opening. There are some nice setups I will be trailing, and hopefully trading later this week.
Let’s check out those setups…
1. EUR/USD
The EUR/USD closed bullish on Friday.
Looking at our four hours time frame we can see price within a descending channel. A breakout through resistance level 1.08333 will most likely encourage the buyers to push price to 1.08851 which is the next possible resistance level
A reversal at 1.08333 may cause the Bears to pull price to a previous support level (1.07266).
2. USD/CHF
The USD/CHF closed bearish on Friday.
On the four-hour time frame we can see price almost touching 0.97182 which is a key support level. If the Bears are strong enough to break this level, then our next possible support level would be 0.96662.
There is also a possibility of a reversal, and in my opinion, if that happens, the trade would be invalid.
3. CAD/JPY
CAD/JPY is another pair that closed bearish and price also formed an expanding descending channel.
In my opinion, all we should be looking out for is a slight pullback before price continues it’s bearish journey to the next possible support level (75.299).
4. AUD/CAD
AUD/CAD on the weekly chart closed with price breaking out of resistance level 0.89713.
We may most likely see a pullback before price proceeds to its next possible resistance level (0.91429).
What are your views?
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I wish you a pip-full week ahead.
