The recent week was a way quiet for the forecasted pairs. GBPUSD held on the resistance as predicted but the fall was not massive. EURAUD broke the support of the wedge but lacked the needed momentum to go deep down; it did a retest of the support as new resistance before the week ended. CADJPY went the opposite of the forecast as it overshot the resistance by a few pips.
CADJPY makes it into this week as well. For this new week, the fresh set ups are spotted in the 4-hour timeframe mainly. The charts in focus for this week are CADJPY, GBPNZD and EURCHF.
I had my eye set on this pair last week for a bearish move which didn’t work out for me as I lost some pips on it. After re-analyzing it, it still holds my interest as the current market structure is one of my favorites.
For two straight weeks CADJPY has been trading through an ascending channel. This market structure happens to coincide with the resistance zone I noted on the daily timeframe last week (Between the prices of 82.00-83.00).
I am still rooting for a bearish move on this pair but for it to happen now, price must breach the support of the ascending channel. It would be okay to let go if this pair keeps trading within the channel, unless you are timing it from lower timeframes.
GBPNZD has printed out a falling wedge. The prevailing trend on the daily and even 4-hour timeframe is bullish. It is hinting at a continuation in trend with respect to textbook price action. Just before the week ended, the resistance of the falling wedge was slightly breached. This evidences that the bulls are gathering the momentum.
I have a full bullish view on this pair and any retest of the wedge resistance as new support would give more credence to the bulls.
This pair has been consolidating diagonally for six trading days. The consolidation presents us with an ascending channel pattern just like that of the CADJPY, albeit, in a tighter range. With where this pattern has formed on the daily timeframe, I would be rooting for a break of channel support as well.
If price remains within the channel, I would remain an observer.