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USDJPY (19th November to 23rd November)

This pair has been very choppy for the last few weeks, but prices are at a major resistance. The US Dollar has been strong overall hence the bullish rally of the yen. The rally came to a halt at the major resistance zone where the currency has had major consolidation. Last week a weekly bearish engulfing candlestick pattern formed, warning us of a potential reversal setup.

Summary: Based on last week’s reversal engulfing candlestick, our bias on this pair remains to go short, however, we will be keen to wait for more confirmation that the trend has actually reversed in order for us to join the downtrend trend.

AUDCAD (19th November to 23rd November)

The pair recently bounced off the major support area as highlighted in yellow, forming a series of strong bullish weekly candlesticks. The bullish momentum has been quite strong. The price is now at a significant zone which acted as the previous support. The prices might stall, reverse, or continue with the momentum (.i.e. if buyers have enough strength).

Summary: We will therefore be watching the market behavior of this pair around this zone, for price action to guide us on which direction the pair will be headed in the coming days and weeks.