Hello Legendary Traders,
How did you spend your weekend?
I spent mine sharpening my soccer punting skills. So far it has been profitable and I think I also have a bright future too as a punter (lol), I also see some similarities between forex trading and sports trading, so being a trader definitely helps when trying to go into sports trading.
If you are interested in seeing my sports trading results, you could check my tweets.
Alright, let’s get back to the world of trading.
This week seems promising in the market, let’s hit the market.
1. USD/CAD
On the daily chart, USD/CAD closed with a bearish engulfing candlestick.
If the week resumes with a weak Dollar, we could be seeing price go below 1.31339.
We should also be careful not to just jump into this trade as the market resumes. Waiting for a little pull-back and a bearish confirmation before hoping will give us a better edge.
2. GBP/JPY
For over a month, GBP/JPY has been stuck within a consolidation band.
This pair is worth monitoring this coming week.
A bullish breakout may further encourage the buyers to drive price to 143.755 and a bearish breakout will most likely encourage sellers to pull price down to 135.866.
3. CAD/JPY
On the CAD/JPY, price closed with a bullish engulfing candlestick within an ascending channel on Friday.
If the bullish candlestick is confirmed this week, we could be seeing price move to 83.479 as the next possible resistance level. Mind you, a confirmation is very important before we commit to a bullish bias.
On the other hand, if price closes below support level 81.620, the Bears may charge to the next possible support level 80.034
4. AUD/JPY
On the AUD/JPY, market closed with a strong bullish candlestick on Friday.
We just need a little confirmation before taking this trade. If the Bulls are still strong when the market resumes, we most likely would see price hitting price level 75.646 as the next possible resistance level.
If for any reason we see price close below 73.356, then we would be watching out for the Bears that may drag price down to 71.896 as the next possible support level.
Alright ladies and gentlemen, join us again tomorrow and all through the week as we continue to scout for trade opportunities.
See you guys in the market, and as always…
Stay pip-full
