Happy Sunday traders,
A happy new month to every one of us and hope you are all enjoying the holidays?
Wishing us all a better trading month this August.
Let’s see what the charts have for us this week.
1. GBP/JPY
On Friday the GBP/JPY moved over 200 pips before hitting a key resistance level (139.157)
This week, price may resume by retesting the broken ascending channel, which could serve as a support level. If the Bears are strong, we could see price fall deeper, where it hits support level 137.369
If market resumes with the Bulls still having an edge, there is a possibility that price could break resistance level 139.157 and spew another 190 pips before hitting a new resistance level (141.182)
2. EUR/JPY
On the weekly time frame of the EUR/JPY, price closed after breaching resistance level 124.264.
If we still have enough buyers in the market this week, we could see price travel another 220 pips to the next possible resistance level (126.848)
3. NZD/USD
On the 4 hour time frame of the NZD/USD, price is currently resting on a key support level (0.66215).
0.66215 is the only support level preventing price from hitting the next possible support level (0.65667).
If price does not break the present support level, we could see price re-visit resistance level 0.66884
4. XAU/USD(GOLD)
Gold closed hitting an all-time high price level (1981.53)
On the 4-hour time frame, we can see price gradually building up for a possible breakout of the present resistance level.
If the breakout occurs, we may see gold splurge over 300 to 500 pips before the close of the week.
Also, have in mind that the present ascending trendline serving as a support level could also get broken if price decides to play the pull-back game. This will most likely make support level 1911.30 our possible bus stop.
What are your thoughts
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