Good Morning Legendary Traders,
Its a beautiful Sunday, and I hope you know what time it is?
It’s time to analyse all the various possibilities of what may occur in the market from Monday to Sunday.
I am a firm believer of planning your trades over the weekend before the market opens. This helps to give you a head start during the week and it also reduces distractions when the market comes alive.
So…, let’s put the show on the road
1. AUD/JPY
AUD/JPY was on a bearish run on Thursday, however JPY gained strength on Friday and this drove the market back up. Currently AUD/JPY is touching a key resistance level (81.844).
Will this descending channel’s resistance send the price on another bullish run?… No one knows, until we get a confirmation.
If the market reverses, price would definitely hit 79.861, which is over a +130 pips, and if the resistance fails, we may see the bulls take the market to level 82.773, which is over +60 pips from breakout.
2. GBP/JPY
GBP/JPY is another pair to watch out for. The bulls have taken price to a key level (143.762). This level coincides with a descending channel’s resistance.
This makes the resistance stronger, but hey, there is no resistance too stubborn for price not to break through. All we need is a confirmation.
3. EUR/JPY
A third descending channel it is.
EUR/JPY was bullish all through last week. Currently price is on a resistance level (129.617).Will the bears take over and see the market spiral down to level 125.614 which is over +320 pips (wow), or will price break through 129.617 to next resistance level 131.100 which is over +100 pips?
A big question we have watch out for.
4. EUR/AUD
Last but not least, it’s a descend…, Nooooo, it isn’t.
This is a pennant, and there is already a bullish breakout at the former resistance level (1.58027) which will currently serve as a support level.
The only reason why EURO will continue it’s bullish run, is if the AUSTRALIAN DOLLAR loses strength this new week.
That would be something I would watch out for on Monday.
With these few points of mine, I hope I have been able to enlighten you and not confuse you about what may go down this coming week
That said…, remain blessed
