Weekly Forex Trade Setups & Key Levels | Aug 2-7

AUDUSD – Pin Bar Rejection At Key Level Holds Again (4hr chart)
Last week we talked about shorting the AUDUSD at the key level and RRL – role reversal level at 7350. As you can see from the chart below, this level has held 3x offering profitable trades each time.

To end last week, the Aussie formed a large pin bar rejection at this key level, only to drop another 50+ pips since. For now, the bearish bias remains while we are below the 7350 level on a daily closing basis.

Hence keep looking for shorts till this gets negated. A break and close below last weeks lows likely means fresh bears should enter the market.

USDCAD – False Break

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