Weekly market analysis: GBP/USD, GBP/JPY, EUR/CAD & XAU/USD

Hello traders,

let’s hit them charts:

1. GBP/USD

Last week GBP/USD was bullish, but closed within a resistance zone. If we do get a reversal at this point, we may see price retest the 1.21588 support level before continuing its bullish move

If the week resumes with buyers breaking the current resistance zone, then price may most likely hit the next resistance level (1.26536)

2. GBP/JPY

On the daily time frame of the GBP/JPY, price closed at a key resistance zone. A reversal may most likely occur as market opens, so we need patience for this to pan out (most likely the close of Monday daily candlestick)

However, if we do get a bullish breakout of the present resistance zone and 200 ma, then our next possible resistance zone would be the area market green

3. EUR/CAD

Last week, EUR/CAD already gave us a bearish engulfing candlestick at the close of the market.

This 14 months old resistance zone is something we have to pay close attention to this week. We may see the bears drag price back to a previous support zone marked green

4. XAU/USD (GOLD)

On the daily time frame, Gold gave us a convincing bullish engulfing candlestick on Thursday last week after breaking a key resistance zone

This week there is a huge tendency that buyers will continue buying Gold to the next possible resistance level (1975.12)

What say you?

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