Hey Traders,
Welcome back to another beautiful trading week.
Let’s hit the charts and see what trading opportunities await us.
1. GBP/USD
Last week price found it difficult breaking the 1.31739 resistance level.
This week with the announcement of Biden as the new president of America, we may see a gap in the market in either direction.
If we don’t get to see a gap and our setup still holds, a reversal of price and support level 1.30711 may get tested, or
If a breakout does happen, there is a possibility that price may hit 1.32532 as the next possible resistance level.
2. USD/JPY
On the USD/JPY, 103.276 is a key support level to watch out for.
A breakout of support level 103.276 last happened around March this year. If we do get a breakout this week, support level 101.419 may be price next refuge.
If price should bounce back, we could see the roof (104.570) of the descending narrowing channel get hit
3. AUD/JPY
The AUD/JPY closed last week with price bouncing off resistance level 75.302
If we do get a bearish confirmation, then price next bus stop may most likely be support level 74.178.
Let’s also have it in mind that this week could start with price breaking resistance level 75.302. Afterward, price may first visit resistance level 76.021.
What say you?
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