Good day traders,
First of all, congratulations to the new heavyweight UFC champion Francis Ngannou.
He completely dominated Stipe Miocic, which was shocking to me because Stipe is no pushover.
I wish Stipe a quick recovery and also wishing Ngannou more victories ahead.
So, let’s see what the charts have for us this week.
1. USD/CAD
USD/CAD closed with a bearish engulfing candlestick last week.
There is a huge possibility that the bears may most likely take over USD/CAD this week, and if that happens, we may see price hit support level 1.24056.
We should also not be in a hurry to trade on Sunday, but wait and see if a bearish confirmation before staking our hard-earned cash.
Remember there is a slim probability that price could also break the 1.26221 resistance level this week, and travel up to 1.27342
2. GBP/JPY
GBP/JPY was on bullish steroids last week. Broke major key support levels like they never really mattered.
As the market closed on Friday we saw price stagnate around the 151.178 resistance level. This may just be price taking a breather before resuming another bullish move to the 152.127 resistance level.
3. AUD/USD
The AUD/USD closed on Friday giving us an expanding descending channel
Price is currently testing the 0.76408 resistance level. A breakout will encourage buyers to push price to the next possible resistance level (0.77024), and a reversal could take price back to the 0.75915 support level.
This is what I call a 50/50 trade. Waiting for the setup to unfold is paramount
4. NZD/JPY
Last week Friday the bulls took over price and just before the market close, we saw price respect the 76.798 resistance level.
This week, we will be watching if the bulls will be bold enough to break the 76.798 resistance level, which will most likely force price to hit the next possible resistance level (77.405) or
Price may just stall for a while and reverse. Giving us just one option, which is looking out for price revisiting support level 75.683
What say you?
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