Good day to all the legendary traders out there,
Its a beautiful Sunday here, and I hope it is too for you. It has been raining all weekend and that has kept me indoors for the most part of the weekend.
It’s time once again to analyse the market for the week, and if the market last week was not good or fair to you, don’t fuss over it, this week presents us with some mouth watering setups that should definitely put some money in the BANK.
Without wasting anymore time, let’s get straight into our charts.
1. GBP/CAD
This setup on GBP/CAD could be one mouth watering, dollar fetching pair if we utilize it properly. Currently there is a bearish reversal pin-bar which was formed on Thursday last week.
Friday’s candlestick also ended up with a pin-bar. However, if you take a minute to check this same pair on the weekly chart, you would realize that GBP/CAD is on an ascending channel.
If at all you are taking a SELL POSITION on this pair, BE CAUTIOUS.
A bullish breakout from resistance level 1.71251 will further send GBP/CAD shoot above level 1.72018 and if the bearish reversal holds on the daily chart, we may probably see it hit 1.67208
2. EUR/AUD
Remember EUR/AUD analysis from our Thursday’s post?
So, the 1.61484 resistance finally gave way last week. Looking at the weekly chart today, we should have a little retracement at the beginning of this week before the pair finally starts another bullish run to hit the next resistance level at 1.65895.
Personally, I believe if you buying this pair this week, just forget about it, till the end of the month of September.
3. AUD/JPY
AUD/JPY just smashed through a key support level on the weekly chart.
This support level has been holding price for over a year. To be specific, price has been obeying this support since April 2017…. Yeah…
This breakout should take price to its next support level which is 74.741. This is over +380 pips. This pair will only favour the patient traders, because selling this pair would keep you on the sidelines till the end of the month of September.
3.GBP/USD
GBP/USD winked at us with a bearish pin-bar on Friday. This means the bears should be taking price down below.
Note also that if the bears are going to taking over GBP/USD this week, there are some key support level that would be tested before price finally heads down to level 1.26782.
A key support level to watch out for is 1.28021. If price breaks this level, we should see price hit the next support (1.26782) level.
5. EUR/USD
GBP/USD & EUR/USD have similar setups. The only difference is that EURO enjoyed a stronger bullish run two weeks ago, this made most traders get caught up in a EUR/USD bullish FAKEY breakout.
This week reveals to us that the bears left the market very strong last week, and this run is most likely to continue this week.
Hello, before you click on the sell button with a big smile on your face, allow price to cross a major support level which is 1.15536.
Also ensure that there is a substantial confirmation level before any SELL is decided on.
Okey dokey, we are done with our analysis for the week, I hope this will assist you in taking profitable decisions on your trades this week?.
Wishing you all a pleasant week ahead
