Hello guys, welcome to this weeks market analysis where we cover the setups that we are looking at for the upcoming week.
Weekly trade ideas and analysis:
Our first pair of the week is going to be AUD/CHF. Here a potential trade setup formed when we saw a trend change. The price was in an uptrend since the start of 2022, but it has recently formed a triple top pattern followed by a lower low.
A setup appeared when the price made a lower high in the newly formed downtrend We also see long wicks rejecting the area.
The are two ways we could play out this trade depending on the price action;
- Entering on a 4h pullback after the break of the previous low.
- Entering on the 4h pullback after a retrace into the trendline.
Since it’s hard to know which of the two options is correct, we will wait for the price to show which one it will respect more.
Our next potential setup is USD/ZAR long. Here we see that the price is in a strong uptrend. After the price broke a resistance area it’s starting to make a pullback.
If the price completes the pullback along with bullish price action, we will long for an entry long.