Good day everyone,
Welcome to our weekly market analysis.
It’s a brand new week, and the week is introducing us into a brand new month and most importantly, the beginning of the EMBER months has commenced (Yippyyyyyy!!!).
The market will be open to all traders in just a few hours.
So, let’s go straight into business.
1. EUR/AUD
After EUR/AUD made the move just the way we speculated it would do on Thursday, the next resistance at level 1.61655 has been hit.
Two thing that would always happen is:
- Price will either break the resistance level and hit the next resistance level 1.62450 or
- Price will bounce back to level 1.58611.
2. EUR/CAD
At the close of the market on Friday, EUR/CAD gave us a good reason to sell, after a bearish pin-bar appeared.
IF we get a confirmation to sell this pair, our first profit level would be 1.50074, and if price breaks through this level, our second profit level would be 1.48067.
3. EUR/CHF
We may see fireworks lighting up EUR/CHF as the market resumes this new week. There was an impressive bearish run last week after price touched a resistance level at 1.14516.
If the market breaks level 1.12413, the next support level would be 1.10055 and if price bounces off level 1.12413, we should see resistance level hit 1.13388.
4. GBP/USD
GBP/USD is locked within a descending channel, showing signs of a bearish reversal from last week Friday.
NOTE:
Always endeavor to wait for confirmation before taking any of these trades, this is very key in trading fx. The market could be treacherous sometimes, and profit made from the market could be given back.
That said…,
Do have a profitable week and month ahead
