Hello Traders,
It’s going to be another beautiful week in the market, especially after seeing Israel Adesanya dominate Marvi Vettori in UFC 263
Let’s see what setups we should be looking out for in the 3rd week of the month.
1. USD/CAD
The USD/CAD had a good bullish run last week, only to be stopped by resistance level 1.21792.
The same event happened close to a month ago. If you also notice, there was a slight consolidation before the bears took over.
This week, I would advise us not to be in a hurry to sell the USD/CAD, because we may still see a good fight from the bulls before price goes either way.
A breakout of price through resistance level 1.21792 means that price will most likely get to the next possible resistance level (1.22693), and if the bearish reversal is confirmed, we may see price return to support level 1.21306
2. GBP/USD
For close to a month now, price on the GBP/USD has been playing within a channel.
Are we going to see this repeat itself this week?
I will be waiting for a breakout either below the key support zone which may encourage sellers to pull price down to 1.40098, or I will be watching out for the bulls to break the key resistance zone, before I buy and aim for price to hit resistance level 1.43137
3. GBP/CHF
Last week, GBP/CHF broke the 1.26626 resistance level, but got stuck around the 1.26952 resistance level.
Currently, we are seeing price contained within a horizontal channel
This setup should be a favorite amongst the intraday traders. A breakout of price below the key support level should give us a good risk-reward ratio, and that is what I will be targetting this week.
4. NZD/JPY
We can see a breakout on the NZD/JPY, but we may have to wait for further confirmation before joining the sellers.
If the sell is confirmed, our next possible support level will most likely be 77.229
What say you?
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