Hello traders,
This week has some great setups, let’s check them out.
1. USD/CAD
USD/CAD has maintained an ascending trendline as a support level for almost a month now.
Is this week going to be the week where the sellers break the ascending support level to hit fresh support levels (1.26222, 1.25634, 1.24907)?
Or are we going to see the bulls come to the rescue of the ascending support level, and drive price back to a previous resistance zone (1.27930 – 1.277709)?
2. USD/JPY
Watch ouuuut… It’s a head and shoulders formation on the USD/JPY.
The right shoulder seems to be dislocated in this setup though. Price broke out and retested the key resistance zone which is now a support zone
If the bulls are well charged this new week, we may most likely see price hit 116.340, and that is what I am looking out for too.
But remember, we need confirmation to jump in.
If my analysis above flops and the sellers take charge, price may hit support level 115.039, so it’s important we wait for confirmation before taking our next action
3. EUR/JPY
For our intraday traders, the EUR/JPY could be a good setup to explore.
Before the market closed last week Friday, price broke the 130.127 resistance level and formed a little consolidation around that level
If the bulls pick up from where they left last week, we may see the key resistance zone get hit on Monday or Tuesday, and if the buying pressure continues, we may see price further go south to hit the next possible resistance level (131.820)
If my analysis above flops and price gives us a pull back, we may see price re-visit support level 129.409
4. CAD/JPY
For our swing traders, CAD/JPY may be a good setup to look at.
Last week’s weekly time frame closed with a strong bullish candlestick, The key resistance zone is all that is holding price. If we do get a breakout anytime this week, we should be aiming at resistance level 92.993.
If the bulls fail in breaking the resistance zone, price may revisit support level 89.700
5. EUR/CHF
Last week’s steep descending channel formed by price on the EUR/CHF was broken on Friday.
This week we may see price negotiate a breakout through the key resistance zone (this may form a consolidation). If we do get a breakout, then price next possible resistance level would be 1.05072 (which is what I am waiting for too)
If the bulls get intimidated by the bears, price could return to support level 1.03778.
What say you?
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