Hello everyone,
If there was one thing I really enjoyed this weekend, it was the cool weather. For those living in most, if not all the cities my country, you would agree with me that, it has been a hellish nightmare the past few weeks for us.
The heat is so bad that the nights offer no escape. Well, I am happy that it rained all through the weekend and for the most part, it was cloudy.
I also noticed that the market was very elusive last week. So many fake reversals and breakouts. I took a small hit while trading. Hopefully, this week would turn out better.
Without wasting any more of our time, let’s delve into our charts and see what the market holds for us this coming week.
1. GBP/USD
Price in GBP/USD is consolidating within a pennant.
For the past 5 weeks, this pair has been bouncing off the pennants key support and resistance. We still have no clue as to where price will breakout from, but one thing we know is:
If there is a bearish breakout, the next possible support level would be 1.27694. However, if we get a bullish breakout, we should be seeing price hit 1.33224 as the next possible resistance level.
2. GBP/JPY
GBP/JPY on the 4 hours chart is resting on a key support level (146.313)
For traders who are bearish biased, we should be waiting for a breakout of the present support level.
If price breaks the present support level, we should be expecting price level 145.079 as the next possible support level.
3. AUD/JPY
On the daily chart of the AUD/JPY, there is a resistance breakout of price on two key levels (79.620 & 80.049).
Normally we ought to wait for a reversal, before jumping into the bullish trend.
Personally like you know, I have a phobia for Monday and how setups flop in the market. My advice would be for us to wait and see how Monday’s daily candlestick closes.
If the close of the daily chart supports the bullish trend, then by all means, we should be looking at 82.182 as the next possible resistance level.
4. CAD/JPY
CAD/JPY has hit an important resistance level (84.085) on the 4 hours chart.
A reversal or a breakout are the only two possible moves that could happen at this resistance level.
A reversal should take price back to support level 83.696 and a breakout should encourage the bulls to pull price to the next possible resistance level (84.405).
Alright, we have come to an end of another weekly analysis. Feel free to comment, share and subscribe to our blog.
Do have a grand week ahead.
