Hello Traders,
How are you coping with the Covid-19 lockdown in your country?
Here in Lagos, Nigeria there are still little movements in the city, though most businesses have shut down to the public.
Hopefully, things get back to normal soon.
Amidst all the chaos, I must say this is the best time to be a trader.
The fact that you are not bothered about your business running at a loss due to the shut down is quite encouraging.
Last week the market did some crazy moves. Thankfully I was able to capture a little percentage of those moves.
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I should have made more dough on the GBP/JPY trade on Friday but I jumped off the trade mid-day as I do not like holding trades or trading on Fridays.
Immediately I closed my trade, price began moving my way, as if it was waiting for me to get off the trade (lol)
How did yours go? you can comment below.
Let’s see what the market has for us this coming week/new month.
1. GBP/JPY
The GBP/JPY started a bullish journey last week Wednesday which is yet to complete as price’s bus stop ought to be resistance level 135.351.
After price hits 135.351, it’s important to be patient in order to know what price next move would be.
A breakout will most likely encourage buyers to hit the next possible resistance level 139.867 and a reversal will mean the buyers giving way for the sellers which may drive price back to support level 130.529
2. GBP/CHF
The GBP/CHF broke resistance level 1.16813 on Thursday.
On Friday price closed just before reaching the next resistance level (1.20775).
In my opinion, this trade may be too late to get into, however, if the week starts with a nice pullback before it continues its bullish run, we may see some buying opportunities in the market.
For the more conservative traders, waiting till price hits resistance level 1.20775 would be more appropriate.
A breakout may encourage price to hit the next possible resistance level 1.24814 and a reversal may most likely send price back to support level 1.16813
3. USD/JPY
On Thursday USD/JPY started a bearish run and price closed at support level 107.710.
A breakout of price will most likely encourage sellers to take price to the next possible support level (105.122).
4. USD/CHF
USD/CHF just broke a key support level (0.95320) after days of the bears ruling the market
The big question is:
Will the sellers continue pulling price down?
If they do, our next support level will most likely be 0.93240.
What are your thoughts about these setups?
I wish you a pip-full week ahead
