Hello traders,
let’s see what the first week of August has for us:
1. GBP/USD
The bulls were dominant all through last week on the GBP/USD.
Currently we are seeing multiple rejection around the key resistance zone, but we can also see higher lows formed.
This week I will be watching out for a possible bullish breakout of the key resistance zone. If that happens, then our next possible target would be 1.23195
2. NZD/JPY
In the last one month on the NZD/JPY, we are seeing price visit a key support zone for the fourth time.
The last time it did, it was a struggle for buyers to influence the market. While it may be too early to have a bias, I see the current support zone as being weak, and a possible breakout looming.
If the breakout does happen, then we may see price visit the next possible support level (81.77057), but if not, then price may revisit a previous resistance zone (84.79674-84.45425)
3. CAD/JPY
The current key support zone is something to watch out for this week.
A breakout means price next destination would be support level 101.648. A rejection may encourage the bulls to take price back to previous resistance zone (105.239-105.664)
4. XAU/USD
On Gold’s daily time frame we can see price touching a key resistance zone.
A reversal would mean price may return to support level 1682.95, and a breakout may give us a chance to join buyers on their journey to the first possible resistance level (1795.93) and second possible resistance zone
What say you?
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