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My favorite potential setup going into this week was GBPCAD. However major weekend news caused the pair to gap down significantly, thus putting that setup in a holding pattern.
Despite the weekend news, we still have several setups and potential setups to watch this week.
NZDJPY
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was another favorite of mine at the end of last week. Essentially we were watching for a break of either channel support or key resistance at 87.50. Today the market closed well above this level and continues to look poised to maintain positive territory.
Summary: Watch for bullish price action should the market retest the 87.50 key support level. Next key resistance comes in at 88.25.
USDJPY had yet another huge day today, closing well above the 105.30 key level. This level is represented by the 2013 high as well as the 2014 year open.
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Although I’m somewhat doubtful of a larger pullback at this point in the rally, should the market take another crack at 105.30 level as support it may present an excellent buying opportunity. It’s important not to chase a runaway market like and instead wait patiently for any pullbacks to support to rejoin the rally.
Summary: Wait for a pullback to support which now comes in at the year open at 105.30. Next key resistance areas come in at 106.50 and then 107.
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