Hey traders,
What’s popping?
Hope you having a great weekend?
Let’s gear up for the week ahead.
1. GBP/USD
On the GBP/USD, the last hours of Friday was kidnapped by the Bulls
Though the bulls look strong enough to break the 1.38393 resistance level, but will the first few hours of the new week encourage the bulls?
Well…, we will need a bullish or bearish confirmation before buying or selling this pair.
If the bulls are strong enough, we could see price hit resistance level 1.38778 and 1.39274. However, if the bears come back for an act of revenge, price could fall back to re-visit support levels 1.37946 and 1.37411
2. EUR/JPY
On the EUR/JPY the Bears threw all they had to break support level 131.690 on Friday, but all efforts by the bears was futile. Instead, a consolidation of price was formed, meaning the battle between the sellers and the buyers ended in a stalemate
This week all we should be looking out for is the return of the bears which could break the present support level and take price further down to 131.281 or the bulls taking over from where the bears stopped last week, and take price back up to resistance level 132.340
3. NZD/USD
NZD gained bullish momentum on Friday after the USD lost value.
If we are to see the bulls continue their move upwards to the next resistance level (0.70934), they really have to be motivated to break 0.70357.
If the bulls fail this week, and we get a bearish confirmation, then we should be eyeing 0.69469 as the next possible support level.
4. XAU/USD (GOLD)
I was one of those traders who was mesmerized by Gold last week, but all hope is not lost.
We can see resistance level 1795.24 has stayed strong for over 2 months now. Only to be broken once by well-motivated bulls.
Will this week present us with another bullish breakout, or are we going to see more consolidation of price?
What say you?
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