Hello traders,
There are so many great setups to look into this week. Without wasting time, let’s hit them charts:
1. GBP/JPY
GBP/JPY closed last week with price resting on a key support zone.
On the weekly time frame, price closed with a bearish pinbar. The pin bar is questionable because it was formed nowhere around a key resistance level. So there is a possibility that we see the bulls resume as the trading week begins.
If that happens, price may revisit resistance level 167.234. However, if the key support zone is broken on the 4 hour time frame, then we may see price continue its downward move to support level 161.528
2. CAD/JPY
CAD/JPY and GBP/JPY almost look alike, but on the weekly time frame the CAD/JPY is lurking around a key resistance zone, which gives credibility to the sellers.
If the key support zone is broken, then price may hit support level 99.71, but if the bulls gives us a bullish confirmation on the 4 hour time frame, then we may ride price back to resistance level 102.786
3. AUD/JPY
The AUD/JPY is on a good spot this week.
The weekly time frame gives us a bearish pinbar around a key resistance zone. The 4 hour time frame also shows us a broken ascending trendline which served as a support level.
This week we may see AUD/JPY fall over 200 pips to the next support level (90.944)
4. NZD/USD
A beautiful bearish breakout on the NZD/USD daily time frame.
Looking out for a pullback as the market comes alive will be a smart move for us. We may still be able to catch over 70 pips on this trade before price hits support level 0.65321.
5. EUR/AUD
EUR/AUD is on a bullish rampage.
The question now is: “Will the key resistance zone hold price” ?
This week will answer that question for us.
If the bulls succeed, then price will most likely move another another 200 pips to the next resistance level (1.51566), and if for any reason, buyers fail to break the resistance level and gives us a bearish reversal, then price may most likely return to support level 1.46830
6. EUR/NZD
If you zoom out and view EUR/NZD on the 4 hour time frame you will find out that both EUR/NZD and EUR/AUD have similar setups
Just like the EUR/AUD, all we need to watch out on the EUR/NZD is the key resistance level (1.63303).
A breakout will mean price hitting the next possible resistance level (1.65382), and a reversal would mean price possibly returning to support level 1.61034.
What say you?
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