Hello traders,
This week has some great setups lined up for us.
Let’s hit the charts:
1. GBP/JPY
Last week we saw the GBP/JPY reject a previous resistance level a couple of times before the market closed.
After price broke through the triangle, the bulls were not bold enough to take price to the next possible resistance level (153.139).
Looking at the higher lows and highs, I still maintain my bullish bias and looking forward to getting a buy confirmation before I take this trade
2. EUR/CHF
Since March this year, EUR/CHF has maintained a descending channel.
Price is currently touching a critical resistance level (1.08690). Mind you, we are looking at a daily time frame, so if you are a swinger, this setup should suit you.
A reversal is most likely to take price back to support level 1.07900, and a breakout may most likely ginger the buyers to take price further up to the next resistance level (1.09726)
3. NZD/USD
Last week the bulls dominated the market on the NZD/USD, and price is currently taking a breather around a key resistance zone.
This is a daily time frame analysis, and we may need a few days to get a bullish or bearish confirmation. A bullish confirmation would mean a breakout of the present resistance level (0.71502) and price hitting resistance level 0.72583
A bearish confirmation means us waiting for a reversal and riding the wave back to support level 0.69459
4. AUD/USD
The AUD/USD pattern is similar to the NZD/USD, and both are on the daily time frame.
We need the patience to either follow the buyers to the next possible resistance level (0.75787) or ride a reversal wave back to support level 0.73163
5. XAU/USD (GOLD)
Gold has a beautiful narrowing ascending channel formation.
Price is also locked within a key resistance zone where we may see price form consolidation this week. Price has been rejected twice before at this level. This made price return to the support zone.
We need an open mind to trade Gold because it could go either way.
If the bulls are motivated this week and we see price breaking resistance level 1831.59, we could an over 200 pips move to the next possible resistance level (1855.46)
What say you?
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