Technical View For the Upcoming Week
I am going to shortly cover a few of the currency pairs I am analysing at the moment. They are USDJPY, USDCAD and AUDUSD. This analysis will be brief and to the point. Just bear in mind that a lot of market participants will be following the British elections on Thursday and the markets might be more volatile this week.
1) Technical View For the Upcoming Week- USDJPY
I am looking at the USDJPY pair with bearish glasses. The price action is showing bearish bias due to:
- Bearish engulfing pattern on the daily timeframe
- Bounce-back from a minor resistance area at 111.50
- Next support level (potential target) is the level of 108.50
I will be looking for a bounce-back to the level of 111.00 for a potential short entry. Another possible scenario is for the price to reverse back from the imminent support level at 110.25. Be aware of that level and watch-out for potential bearish rejection candles here.
2) Technical View For the Upcoming Week- USDCAD
The next pair I am analysing is the USDCAD. The daily price action is confirming a bearish setup, as well.
- There is a bullish rejection-style engulfing candlestick pattern on the daily
- The pair has rejected the 1.3550 level, giving more meaning to this minor resistance level
- The next support level (potential target) is the level of 1.3400
- The second support level and possible target level is 1.32500
Here, I will be looking for a small retracement towards the 1.3500 area before deciding on the course of action. One way or another, this is a more bearish than bullish formation and depending on the Sunday open, I will receive a confirmation or rejection of the bearish setup.
2) Technical View For the Upcoming Week- AUDUSD
Contrary to the previous two currency pairs, AUDUSD is giving us another bullish alarm. Remember last week? I was looking at a potential three candles bullish engulfing pattern- check here. It was a premature formation on a minor level and did not have the necessary importance. Price is standing inches away from a major support level at 0.7330. I will be more cautious regarding this setup, but the price action is bullish one more time. If price action confirms a rejection around 0.7410, I will be looking for a long entry. The important levels to watch are:
- 0.7410 is the closest support level
- 0.7330 is the most important support level in the area
- 0.7550 is the next resistance area and a potential target is a bullish scenario is initiated
- 0.7600 is the second price target
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