Good morning traders,
I welcome you to the last trading week of the month of March. How has the market treated you so far?
For me, last week was hellish in the market, I went through series of losses, and non was due to me breaking any of my trading rules.
All my bad trades were due to the market doing its thing… simple
So, I am looking forward to recouping my losses this week (if the market permits), and if we are lucky, you never can tell, we could close the month with a win
That said, let’s head to our charts and see what the market has for us this week
1. GBP/JPY
GBP/JPY closed last week with price resting on support level 150.783
On the higher time frame GBP/JPY is still strongly bearish, but the question now is:
Will the buyers temporarily seize the action and drive price back to resistance level 152.231 or will the bears destroy the 150.783 support level, and continue their bearish campaign till price hits the next possible support level (148.953)?
All this we will find out this coming week
2. EUR/JPY
Last week EUR/JPY gave us a fakey. Price feigned breaking the 129.501 support level, only to close with a bullish pin bar on the four-hour time frame
This week we may need additional confirmation before joining a possible minor pullback of price, back to resistance level 129.959 or we wait for the 129.501 support level to get broken, before we join the dominant trend to the next possible support level (128.351)
3. GBP/CHF
I have been trailing the GBP/CHF now for weeks. Though it has an overall bearish outlook, it spent the better part of last week on a bullish pullback
My interest would be seeing price break the 1.27893 support level, and If that happens this week, we may see price drop over 180 pips, before hitting the next possible support level (1.25807)
4. AUD/JPY
AUD/JPY closed last week with price sitting on support level 84.219
On the higher time frame, this pair is bearish. Personally I will watch and see how well support level 84.219 holds price.
This week if price breaks the current support level and a decent confirmation is given, then we may see price head to the next possible support level (83.580)
What say you?
ATTENTION:
For those who are interested in joining our FREE trading group on Telegram, where trade ideas are discussed, which may assist your trading career while being infected by positive vibes
Smash the link: https://t.me/joinchat/FN30PxlwXbk2BcuTDdH5yg
