Hey traders,
There seem to be ample trading opportunities this week. Let’s hit the charts:
1. USD/CAD
This week I will be waiting to see how price reacts around the key resistance zone.
If price is rejected, and I do get a decent risk to reward ratio, then I will join the sellers. However, if we do get a bullish breakout, then I will be more than happy to join the bulls to the next possible resistance level (1.30356)
2. GBP/USD
Price is in-between a key resistance level (1.24960) and a key support zone (1.24270 – 1.24013)
If we do get a good risk to reward ratio when price breaks the 1.24960, then we will ride it till we get to the next possible resistance level 1.26164
If during the week, the bears break the key support zone, then our next possible target would be 1.22612
3. EUR/USD
If the bulls gives us an additional confirmation without ruining our risk reward ration, then we may ride with the bears to the next possible resistance level (1.06099)
If during the week, the ascending trendline which serves as a support level gets broken, then our next possible support level would be 1.04605
4. EUR/NZD
On the daily time frame of the EUR/NZD, we can see price resting on a key support zone.
This is one trade that may materialize on Tuesday or Wednesday. A breakout below the key support zone, then price next possible destination would be 1.61686, but if we do get the bulls kick in, and price bounces off the present support zone, then we may see price visit a previous resistance level (1.67620)
5. AUD/USD
Before market closed last week Friday, the bulls seem to gain advantage, but lets not forget that price is still within the key resistance zone.
If price breaks through the key resistance zone, we could join the bulls to the next possible resistance level 0.71478.
On the other hand, if price breaks below the ascending trendline serving as a support level, then price next bus stop will most likely be 0.69494.
6. AUD/NZD
The AUD/NZD is another swing trade to look forward to. If price breaks below the key support level (1.09820), then we may see price move over 130 pips to the next possible support level (1.08226), which is what I wish for because of the good risk reward ratio.
For intra day traders, if we do get a bullish confirmation, then we could join the buyers to the next possible resistance level 1.10567
What say you?
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