Hello Traders,
I don’t know about you, but I am still suffering from an emotional hangover from the Xmas and New Year break (lol).
Crazy re-unions, faces I haven’t seen in decades, and the beauty the holiday season added to it was simply mind-blowing.
How did yours go? (You can share in the comment section below if the spirit moves ya)
Alrighty, let’s get back to work…
I missed out on some good moves on Friday in the market.
After dropping our analysis on the EUR/JPY, I went off to bed and slept off (lol)
Only to wake up the next day seeing our analysis played out well.
No problems, it’s all part of the game, there will be many more great trades to come.
For now, Let’s hit the charts and see what this week has for us.
1. GBP/CHF
The GBP/CHF on the daily chart is locked within a consolidation band.
I have been stalking this pair before Christmas, and the weekly time frame still shows that this pair is highly bearish, there is a huge possibility that price could break support level 1.26787 at any moment and use 1.23794 as the next possible support level.
2. CAD/JPY
CAD/JPY on the daily time frame has an ascending triangle formation.
Two ways to trade this pair would be:
- Waiting to see if price would bounce off the support level 82.636. If it does, price would definitely revisit resistance level 83.709.
- Watching out for support level 82.636 breakout, and if it happens during the week, our next possible support would be 81.574.
3. XAU/USD (GOLD)
After Gold’s pennant got broken at resistance level 1478.08 a few days before Christmas, there was a bullish rampage.
In just a week plus, over +600 pips were donated to a handful of traders who were still trading those ungodly days.
This week we are going to see if Gold still has that bullish momentum, and that will be ascertained if price breaks through resistance level 1554.91. If it does, there is every possibility that price next possible resistance level would be 1630.69.
However, if Gold’s bullish momentum comes to a halt and we get a bearish confirmation, price’s first support level bus stop would be 1516.78, which is over +300 pips fall.
Those are the pairs I will be looking at this week.
Thanks for your time, I also thank all my fans for all your assistance you guys rendered all through 2019.
This year will definitely be a better year for us all.
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Do have a blessed week.
