Hello Traders,
How has your weekend been so far?
Hope you had a swell time?
Last week in the market, we saw Gold making some major moves. This week may be a little different because I noticed some currency pairs closed last week with some interesting setups.
Alrighty, strap your boots, cock your gunz and let’s dive into the market guys…
1. USD/CAD
last week Thursday, we saw the USD/CAD reverse after hitting support level 1.32479.
The market left a puzzle behind after closing for the weekend.
The current resistance level (1.33952) could be broken this week, and if that happens, price first bus stop will most likely be 1.34509
If on the other hand we do get a reversal, I would advise us to be patient enough for support level 1.33372 to be broken before going bearish, as support level 1.33372 is a huge psychological level.
2. USD/CHF
USD/CHF closed shop for the weekend with a reversal candlestick.
Can we trust this guy?
If you look closely, the USD/CAD and USD/CHF has got almost similar setups, but the USD/CHF is just a step further.
If the reversal is confirmed, price will most likely hit support level 0.90566, and if resistance level 0.91579 is broken, then we may see price retest resistance level 0.92375.
3. NZD/JPY
We can see a head and shoulder formation on the NZD/JPY.
In my opinion, if we are to sell this pair, we should be patient enough to see support level 69.559 broken, then we can hope for price to hit a previous support level (68.441) which is a little over 100 pips.
On the other hand, we could see a possible reversal of price from support level 69.820, which could take price back to resistance level 70.609.
4. XAU/USD (GOLD)
Gold did the unthinkable last week after splurging close to 1000 pips while still maintaining its bullish outlook.
The market came to a close last week Friday with Gold giving us a slight bounce off the 2011.61 support level.
Does this mean we need an additional confirmation this week before we go bullish on Gold, having in mind 2072.05 as our possible resistance level?
Or, do we wait some more to see if the 2011.61 support level could be broken, hence sending Gold on another bearish rampage to the next possible support level (1960.48)?
All these questions will be answered this week as the market does its thing
What are your views?
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