Hello Traders,
How is your weekend coming up?
Mine started with the dismal performance of Manchester United losing 3 – 1 to Crystal Palace, and just when I thought UFC vegas 11 would lighten up my mood, I was wrong.
Tyron Woodley lost to Colby Covington. This is Tyron’s third consecutive loss. I felt really sad for him, considering the fact that he has had a great fighting career
Most fans tagged this match as the fight between Obama and Trump
A big lesson I took from the match was:
To always remain humble in life, because one factor that is always constant is time, and when your time is up as a champ, you become history.
Donald Cerone lightened up my mood a bit, as his bout with Niko Price ended with a draw.
Donald has also been having it rough in his MMA career recently. Prior to today’s fight, his last 4 fights ended with losses.
Forex trading is very much like any other competitive sport out there, you being a great trader today does not necessarily guarantee your success in the future.
You have to constantly put in the effort to remain at the top of your game.
That said, let’s see what the market hold for us this week
1. GBP/USD
GBP/USD spent the entire last week retracing its steps back to resistance level 1.29904.
In the process, price formed a pennant. A bearish breakout through the pennant may most likely take price back to support level 1.27633.
On the other hand, if we resume the week with price having a bullish outlook, waiting for price to break through the consolidation band will be necessary before joining the buyers to probably hit a previous resistance level (1.31544)
2. AUD/JPY
On Thursday we saw the Bears break support level 76.663, but found it difficult to break the next support level (76.114)
This week, our mission would be to see if the bears will continue their mission to break support level 76.114. If they do, our next possible support level would be 74.918
Patience will also be needed as there is a possibility that price could reverse at the present support level and hit the previous resistance level (76.663).
3. CHF/JPY
CHF/JPY broke a key support level (115.373) last week Thursday after which price closed resting on another support level (114.437).
This week, we may see a pullback, which may take price back to resistance level 115.373 or if the market resumes with the Bears still being aggressive, the present support level may get broken and price could hit the next possible support level (113.059)
4. AUD/NZD
On the AUD/NZD, the week closed with price breaking a key support level (1.08228)
Our next possible support level would most likely be 1.06592
Caution should also be exercised because we may see a pullback when the market resumes.
What say you?
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