Happy Sunday my fellow traders,
How are you guys doing? and how was your weekend?
I spent the better part of my weekend updating myself on the Coronavirus infections around the world and also checking my charts to see what we should be aiming at this week.
Last week was disastrous in the market for most traders (particularly those who trade on smaller time frames) as the market made some fast moves that took out most stop losses.
For me, it was the most profitable week this year so far. I shared all my trades taken on tweeter, and If you don’t follow me on tweeter, here are some sneak peeks…
Tweet 1
The GBP/JPY was a trade I took from the daily chart of the previous week and held it into last week.
Tweet 2
The GBP/CHF was another trade taken from the daily chart that went well.
For both trades, I would have made more if I held on to them and allowed them to hit my TP without trailing them.
These were my two major trades taken last week in the midst of the Coronavirus scare.
I got a few chats from some traders, asking me how I faired in the market amidst the ongoing chaos and they were surprised I told them the market was good to me, I made a little over +600 pips last week.
Anyways, I am not putting up my last week’s trades here in order to impress anyone but to express what is possible in the financial market if you know a few tricks.
That said, let’s see what this week holds for us.
1. GBP/JPY
Last week we saw the GBP/JPY break a key support level (135.617), retest it, before going bearish. Its next target is support level 130.429 which is a few pips away.
Waiting to see how price would react after hitting 130.429 is crucial. A reversal may most likely take price back to resistance level 135.617 and a breakout may encourage the sellers to pull price further down to 126.765.
2. GBP/CHF
For the past 3 weeks, the GBP/CHF has been on a bearish rampage. Do you think support level 1.17036 is strong enough to hold the sellers from destroying the present support level?
Personally I will be checking out for a breakout/reversal on this key level.
A reversal will most likely restest resistance level 1.20846 and a breakout will further encourage price to move on to the next possible support level 1.13201.
3. EUR/CHF
EUR/CHF has finally broken support level 1.06062 on the weekly chart.
There is every likelihood that we may see price hit the next possible support level (1.03213) probably after a pullback.
This is one setup I am zeroing on.
4. NZD/USD
On the weekly chart of the NZD/USD, price broke out through support level 0.61031.
Don’t be in a rush to take this trade, we may most likely see a pullback before the bearish move is authenticated.
If our bearish bias is authenticated, price next support level would be 0.59198, if NOT, price may reverse to hit a former support level (0.62609).
5. AUD/NZD
AUD/NZD closed last week with almost a full candlestick (Marubozu).
If the sellers maintain their aggression this coming week, we may see price hit a support level (1.00325) that was last visited almost 5 years ago.
What are your views concerning these pairs?
Thank you for sparing your valuable time going through our weekly analysis.
I wish you a pip-full week ahead.
