Cracking Into A New Week, Here Are the Hottest Charts
These are the setups we're watching this week. Make sure you join our free telegram to catch our trade ideas on these setups!
AUD/USD
1D Chart
We are now seeing that price is forming an ascending channel on the daily chart. Price has moved out of resistance and is pressing towards the channel support. We anticipate this downwards momentum to continue into the 0.7250 area.
1H Chart
Price is now testing support turned resistance in a bear market, and we are looking for downside pressure to continue into the key structure zone around 0.72960.
EUR/USD
1D Chart
Price formed a fresh yearly low at 1.15133 on friday, however rejected downside and closed the day bullish. We're anticipating some mid term downside prior to a longer move to the upside as Europe's economy recovers from Covid19.
1H Chart
Price has pulled back into the newly formed trendline resistance and the fibonacci golden pocket as resistance. We are looking for downside to continue out of this level.
GBP/USD
1D Chart
Price is approaching the 2021 low, which we anticipate there will be some support found. We want to see whether this support breaks or holds, and if it breaks we will look for a continued move into the 27% fibonacci extension.
1H Chart
Price is now forming a trading range between the 2021 low as support , and the 1.3500 resistance zone.
USD/CHF
1D Chart
Price has made a bounce from trendline support, however has moved back to the downside from moving average resistances. If price is able to break below the support trendline we may see a continued push below the 0.900 level.
1H Chart
On the 1H chart we can see price has broken out of the bearish structure and trendline however has rejected further upside. Is this a just a fakeout prior to more downside? We think so. We need to see the recent support broken to the downside to confirm that it was a fakeout and that the market is still bearish.
