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Weekly Forex Price Action Setups & Key Levels | Jan 10-15
EURUSD – Attempting to Build, Key Corrective Structure (1hr chart)
Also like the EURAUD, the EURUSD is attempting to build some upside with a solid bull run to start the year and forming higher lows in the process.
The Euro found ST resistance around 1.0940, but after the NFP print found some strong intra-day interest to reject at a key support around 1.0820 forming a long tailed pin bar.
For now the price action is in a corrective structure between 1.0940 and 1.0820 but the bulls have a slightly stronger hand at the moment. I’ll look to play the range while leaning towards an upside breakout.
Weak pullbacks into support may offer some good buy setups. If we clear 1.0940, then I’ll look for a breakout pullback setup here.
Upside we have resistance at 1.10 and 1.1053.
ASX 200 – Major Corrective + Balancing Zone is Key (daily chart)
Still bouncing around in a major corrective + balancing zone between 4900 and 5350, the ASX 200 is still in a medium term bear trend and ST range while in this major structure.
For now, I’m playing the range with a bearish bias, thus anticipating a breakout to the downside in the near future as the more likely scenario.
If we get a pullback to the top of the structure, I’ll be looking to sell. If we get a breakout to the downside, then I’ll be looking for a breakout pullback setup towards the bottom of the structure. Downside I’ll be targeting the spike low from August along with the 4638 key support level from June 2013.
Only a clearing above the structure would change the MT bias to neutral/slightly bullish.
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