Happy Easter to you all my cherished readers! I fell asleep last week whilst tracking my USDJPY and XAGUSD forecasts. USDCHF also wasn’t for the bears at all even as it roofed out of all the marked resistance levels. The recent week was one where I had to sit on my hands and keep on with observation. However, USDJPY is not done yet. The charts in focus for this week are USDJPY, AUDUSD and GBPCHF.
You can now have access to video analysis by watching the video below or you can continue reading. In the video, you would be open to how I view and plot levels on my charts.
“112.15 has currently emerged as a strong price of interest. It has restricted price a lot of times and price has also broken free from it only about a couple of times. It has acted both as strong support and strong resistance all before.” The above is a part of what I wrote about USDJPY last Sunday, and it still holds true for this Sunday as the market did not move much. On Friday, the bears slightly won the struggle, but I wouldn’t be quick to sell it yet.
This time around, I would be looking forward to playing the break out from the weekly range either up or down.
An uptrend that has formed on this pair is likely to come to an end, just after three weeks of been higher highs and higher lows. On the 2nd of April this year, the AUDUSD found a floor at 0.7052 and has since then been trending upwards in an up channel. Last week saw to it that the price of this pair tumbled down smoothly. For the close of the week, AUDUSD ended below the support of the up channel. The candlestick from the daily timeframe is also a bearish one. As long as price remains below the support, I would be a potential seller.
This pair also bears a similar move with the AUDUSD. It has also been trending higher since the 29th of March. However, it has developed into a rising wedge that has lasted for three weeks. The difference here is that, it is still trading within the range of the pattern, but I believe a breakout isn’t far ahead. Price is at the converging end of the wedge at the moment. A break out from rising wedge resistance or support will determine the direction of the GBPCHF. There will be nothing more to do, if price stays within the wedge’s range.
I wish you a profitable trading week!