Hello Traders,
How did your weekend go?
Mine was a little bit of entertainment and studying.
Let’s quickly go through our charts and see what trading opportunities we should be looking at this week.
1. GBP/USD
On the daily time frame, the GBP/USD closed on Friday with a bullish candlestick, even though it was bearish since Wednesday, after hitting a key resistance(1.32751) level
If the market resumed later today with a bullish outlook, there is a possibility that resistance level 1.32751 will most likely be our next target.
We may also see a consolidation of price as the market opens, and a possible reversal, which may favor the initial reversal of price last week Wednesday.
If the reversal occurs, price could continue its bearish move to support level 1.29764
2. GBP/JPY
We can see a premature head and shoulder pattern on the GBP/JPY.
Though there was a slight bullish pull-back on Friday, this week I will be looking out for a bearish move of price, and price hitting support level 135.701.
That said, It is paramount you get a bearish confirmation before trading this pair.
3. USD/CAD
USD/CAD was bullish all through last week after hitting support level 1.29320.
This week, price will be testing resistance level 1.31698 and there is a huge possibility that price may reverse at the current level and revisit support level 1.29320.
However, if we do get a breakout of the present resistance level, our next possible resistance level would be 1.32816
What say you?
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