Hello Traders,
Let’s see what the market has for us this week.
1. GBP/CAD
On the daily time frame we can see GBP/CAD returning to the support level of an ascending trendline for the 4th time.
A breakout could encourage price to hit the next possible support level (1.68135), and a reversal could encourage the bulls to re-visit resistance level 1.74400
Personally, I am not a fan of this pair because of it’s choppy nature. If you are interested in trading it, then ensure you are not stingy with your stop loss.
2. AUD/JPY
Price on the AUD/JPY has continued to respect our ascending trendline.
Last week, price was stopped by resistance level 77.502 after bouncing off a key support level of the ascending trendline.
This week, all we should be watching out for is price breaking out of resistance level 77.502. If that happens, we may most likely see price test resistance level 77.938.
There is also a slight possibility that the week may resume with price bouncing off the current resistance level, then revisit the ascending trendline, or even breaking the ascending trendline to hit support level 76.987
Personally, my bias is bullish, but you never can tell till the week resumes.
3. XAU/USD (GOLD)
Gold was bullish all through last week, after bouncing off support level 1764.42
This week all we should be concerned about should be:
If Gold will reverse at the current resistance level (1845.15), which may take price back to support level 1764.42 or
If price will break the current resistance level and test 1897.93
Personally, I will be waiting to see if we do get a reversal. If the reversal does not play out, then I will stay on the sidelines and observe
What say you?
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