Weekly Price Action Setups & Key Levels | May 7-12

Market Commentary (AUDUSD) 2ndskiesforex

​My Current Active Open Trades: AUDUSD, USDNOK, GBPZAR, EURPLN, XAUTHB, AX_UN

AUD/USD – In profit, key resistance zone held once again (daily chart)

The key resistance zone we talked about in our commentary back in March held once again and everybody short from this zone should now be in good profit.

MT bias is bearish and if the minor support zone between 7300/7400 is not able to absorb all of the selling pressure, we can anticipate a move down towards the key support level at the 7200/7150 handle where buyers can look for opportunities to go long.



GBP/USD – Stabilized after clearing key S/R zone (daily chart)

After breaking through the bottom of the s/r zone between price …

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