Hello Traders,
Welcome to another beautiful trading week. We have just 3 days left in the month of September before we call it a wrap.
Before we go any further with this week’s analysis, how was your weekend?
Mine was blessed after Izzy (Israel Adesanya AKA The Last Stylebender) won Paulo Costa as he defended his middleweight title.
Contrary to what most believed, Izzy used his superior fighting technique to killed off Costa’s aggressive fighting style.
Costa who is a well-respected MMA athlete was completely disarmed in the fight, and his confidence in the octagon gradually evaporated as each second slipped.
In summary, the lesson I took home from that fight was: Technique will always defeat power if power has no technique.
Kudos to both sportsmen, in my opinion, it was a fight that lived up to its hype.
Alright ladies and gents, let’s get prepared for our own hustle this week in the market.
Let’s go:
1. USD/CHF
USD/CHF had an impressive bullish run last week.
This week we may see price continue it’s bullish move to resistance level 0.93671.
If price gets to resistance level 0.93671, a breakout may further encourage price to hit the next possible resistance level (0.95073).
If a reversal of price occurs after hitting 0.93671, we may also see the sellers encouraged to take price back to support level 0.92241
2. NZD/USD
NZD/USD last week started a strong bearish move after breaking a key support level (0.66804)
Price closed last week within a consolidation band. This week we may see a breakout through the downside of the consolidation band which may encourage the Bears to take price to the next possible support level (0.63926)
There is also a probability that we may see a pull-back this week, which may encourage price to retest resistance level 0.66804
3. EUR/JPY
EUR/JPY spent the better part of last week consolidating after breaking out of support level 123.994.
This week we may see the Bears take charge if price breaks the base (122.513) of the consolidation band, and our next support level maybe 121.299
If a pull-back happens, then our focus would be on price breaking resistance level 123.158, which means our next possible resistance level would be 123.994
4. AUD/JPY
The AUD/JPY had a strong selling pressure last week.
After breaking out from resistance level 76.791, it moved over 250 pips in close to 2 weeks.
Last week, price closed with a breakout of support level 74.412. This week, it will be necessary to get a sell confirmation joining the party to the next possible support level (72.723)
If we do not get a sell confirmation, my advice would be to stay out of this trade because we could also see a consolidation or price and a possible reversal.
What do you think?
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