Hey traders,
I noticed that there is so much noise on the lower time frames of most pairs, so we will be analyzing the daily time frame of a few pairs that look promising.
1. AUD/JPY
On the AUD/JPY, price is resting on a key support zone. The strong bearish move has also formed a descending trendline which price may visit as the trading week begins before we see another bearish move to the next possible support level (80.729)
2. NZD/JPY
Another support zone is also tested on the NZD/JPY.
A breakout below the ascending trendline means price will hit the next possible support zone, and if we get a strong bullish reversal setup at the present support zone, then price may start it’s journey back to resistance level 82.195
3. XAU/USD (GOLD)
Gold closed last week with a strong bearish outlook.
The close of the daily candlestick will reveal to us what to expect from gold. If the bearish outlook of last week is confirmed, then price next stop would be 1769.49
What say you?
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