After another volatile week of trading from news of US NFP, CAD employment change, and OPEC meetings, investors are still digesting market sentiment. NFP came in higher than expected, lower than last month. Unemployment reported lower than last month. Here are some of our top technical setups for the week following major events.
CAD/JPY
CADJPY is testing a falling trend line on the 1D timeframe after breaking above and rejecting the highs. Price could come up to test resistance around 98.880s on another break in the trend line. This pair is now a +2 Neutral rating on the EdgeFinder.
USD/JPY
USDJPY is also looking stronger on the 1D timeframe as price bounced up from a supportive trend line. The next level of resistance is around 133.660 should momentum continue. The next level this pair could test is around 135.106. A break underneath the trend line could lead to a test around 129.600.
XAU/USD
Gold eventually pushes above a key psychological level after periods of consolidation or pullbacks. The metal rejected the $2,000s and is able to hover above that zone. $2069 were the highs of 2020 which would likely serve as the next key level of resistance. On the other hand, if price breaks under support, it could test the $1991 level.
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