Hello traders,
This week is packed full with great-looking setups.
Let’s check them out
1. GBP/USD
The support zone on the GBP/USD gave way to the bearish pressure last week.
The next possible support level that may most likely hold price next is 1.34295
2. USD/CAD
A strong bullish engulfing candlestick was the last message the USD/CAD daily chart gave us before the market closed on Friday.
For those conservative swing traders, we could wait for the key resistance zone to get broken by the bulls before getting in and riding the trend to the next possible resistance level (1.27839)
If we do see the ascending trendline flop this week, then the next possible support level would be 1.23627
3. AUD/USD
The ascending trendline is barely holding price on the AUD/USD.
If the key support zone is broken, then price next target would first be 0.71296, and if the bears are adventurous enough, then we may see price slip further down to support level 0.70900
That said… If the bears for whatever reason lose steam this week and the bulls take over, price may re-visit resistance level 0.72719
4. GBP/JPY
Last week we saw a confirmation of a reversal on the GBP/JPY.
This week’s price has a support zone to not just break, but also give us a bearish confirmation before riding it down to the next possible support level 152.428.
If the sellers are aggressive this week, we may see price go further down to support level 149.537
5. AUD/JPY
On the AUD/JPY, price has finally gotten to a key support zone which may most likely be broken this week.
When it does, price first possible bus stop may be (80.461 – 80.150), and if the zone is broken, then our focus should be on 78.900 as the next possible support level.
6. CAD/JPY
On the CAD/JPY we have a broken ascending trendline and a partially broken key support zone.
All we need is a bearish confirmation before riding the bearish trend further down to the next possible bus stops (89.687 & 88.451)
What say you?
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