Hello Traders,
How did your weekend go, hope great?
It’s the last trading week of the month of July, so let’s make each trade count.
1. GBP/USD
On the GBP/USD, we saw a good bullish run after price bounced off the support level (1.25208) of an ascending channel.
With price breaking out of resistance level 1.27633, we may need some additional confirmation before going bullish, which would mean 1.29896 may most likely serve as our next possible resistance level.
2. USD/JPY
A triple bottom formation on the daily time frame of the USD/JPY can be seen.
A reversal means price will most likely re-visit resistance level 108.070 and a breakout may encourage sellers to drive price to the next possible support level (104.188)
3. AUD/JPY
Last week Wednesday, the AUD/JPY respected resistance level 76.548 which sent price tumbling down.
The bearish run was shortlived after price hit support level 74.854, which also coincides with the support level of an ascending channel.
As it is, if we are to trade this pair, we may have to wait for price to return to resistance level 76.123 or 76.548 before taking any action, because looking at the daily time frame, price is still strongly bearish and the reversal we currently see on the 4-hour time frame may just be a knee jerk reaction as the market drew to a close.
Personally I will wait to see if price retests and breaks support level 74.854, which may most likely force price to the next possible support level (74.025)
4. NZD/JPY
NZD/JPY on the daily chart shares similar formation as that of the AUD/JPY
All we need to wait for is either price breaking out of support level 69.928, which will further encourage sellers to take price to the next possible support level (68.224) or
Be patient enough for price to return to resistance level 71.300, possibly get a bullish breakout and hopefully target the next possible resistance level (72.904)
What are your thoughts?
Kindly comment below.
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