Hello traders,
June is officially starting with some banger setups, let’s check them out.
1. GBP/USD
Last week we saw the indecision of the bears, after a seemingly beautiful reversal pattern on the daily time frame time frame of the GBP/USD
This week I will be watching out for price action within the consolidation band. If price breaks above it, then buyers next stop may be resistance level 1.29853. If price breaks below the consolidation band, then the bears next stop will most likely be 1.21578
2. EUR/USD
EUR/USD is in the same predicament as the GBP/USD.
What matters at this point is the breakout through the consolidation band, and we may not have an idea of who would win the battle till Monday close of the daily candlestick.
If we do get a bullish breakout then our next possible resistance level would be 1.09842, but if the sellers take control and we do get a bearish breakout, then our next possible target would be 1.04675
3. USD/JPY
A possible triple top is setting up for us on the USD/JPY.
Once price hits resistance level 131.234, we may see a reversal or a breakout. If we do get a reversal, then price may revisit support level 130.120, but if the bulls are vicious enough to break the 131.234 psychological level, we may see price visit resistance level 132.234
4. GBP/JPY
A possible head and shoulder formation is in the pipeline of the GBP/JPY.
If we get a sell confirmation at the close of the daily candlestick, then we may join the sellers to ride price back to support level 159.874
If the bulls start the week by initiating a breakout through resistance level 164.091, then our next target will most likely be resistance level 167.580
5. EUR/AUD
Price on the EUR/AUD is resting on a key resistance level (1.48810).
On Friday price bounced off support level 1.147821 which is a minor support level. This week all focus should be on the present resistance level. This week there is a probability that price may be rejected at the present resistance level and revisit support level 1.14782, but again we would need a confirmation before selling
If the bulls resume the week strong, and resistance level 1.48810 gets broken, then our next possible resistance level would be 1.49613
6. EUR/CHF
EUR/CHF ranged all through last week
Resistance level 1.03280 is a level to watch. If we do get a breakout, then price next possible resistance level will most likely be 1.03719.
A reversal at the present key level may encourage sellers to take price back to support level 1.02421
7. AUD/JPY
AUD/JPY gave us a clean bullish breakout and a doji last week Thursday and Friday.
This week there is a high probability that buyers will continue their journey North to the next possible resistance level (95.714)
What say you?
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