Good day traders,
How was your weekend and your trading day so far?… In my opinion, I think the trading week started rather early. There were so many trading opportunities in the market today, unlike the usual stagnant Monday’s.
Without wasting much time, let’s hit the charts to prepare us for what’s coming tomorrow.
1. XAU/USD (GOLD)
On the daily chart, gold has been struggling to break a key resistance level (1233.95) throughout last week. This indecision created a pennant formation on the 4 hours time frame.
Price broke through the pennant’s support region (1224.02), and the bears may most likely take price to the next support level (1204.98).
2. EUR/JPY
EUR/JPY on the daily chart is on a bearish run, however Friday’s market ended with an engulfing bullish candlestick, which I believe is most likely due to market sentiments.
Today on the 4 hours time frame, the 10 am candlestick printed a bearish engulfing pattern, which could be an indication that the bearish move has commenced once more. The possible next support level price may be heading to is 128.411.
3. GBP/CHF
GBP/CHF on the daily chart hit a critical resistance level (1.31048), which made the pair embark on a bearish reversal.
On the 4 hours chart, the back and forth movement of this pair printed a FINE SUPPORT LEVEL which just got broken at level 1.29483. This breakout may most likely start another bearish move to the next support level which is at level 1.27915.
We are through with today’s market analysis, kindly share and comment, we would love to hear from you.
Do have a great day ahead.
