Weekly Forex Price Action Setups | July 14-19
EURUSD – Short Term Bullish Post FOMC
After the FOMC meeting last week, the USD has been taking a beating, particularly against the Euro which has gained over +300 pips since the meeting. Short term we definitely favor to the bullish side as it formed a with trend pin bar setup off the daily 20ema. The pair should retest the 1.3188 where some bears will likely be waiting. For those wanting to get short, this would be the first level I’d consider shorting, targeting 1.3088 and 1.3038. Bulls meanwhile will want to see a corrective pullback into 1.3000, targeting 1.3188 and potentially a return to 1.3375.
GBPUSD – Still Below Dynamic Resistance
Also gaining heavily vs. the USD post FOMC, the pound gained about +330 pips, but was stopped by the 20ema and rejected back over 70 pips since. The pair will need to overcome the rally’s highs before inspiring more bulls. Clearing 1.5221 sets up 1.5375. However a pullback towards 1.4875 will only suggest more weakness where the last buyers at the yearly lows will be tested.
AUDUSD – With Trend Trade Profits Nicely
In last weeks market commentary, we talked about looking for intraday price action signals off the 9300 level. The pair just Thursday went to 9304, then sold off over +260 pips so hopefully you profited as well. This trade was discussed in our price action forum being a classic setup according to our systems. We will look to sell on any corrective rotations back into the dynamic support and daily 20ema, targeting 9045 and a potential break of the big figure at 9000, potentially targeting 8850.
Spot Gold – Pullback Reversal Setup Profits +1500 Pips
On July 10th we suggested Gold was forming a complex bottom, but short term was definitely bullish. We recommended buying off 1267/70 area. The PM pulled to 1267.70, and has thus climbed over +1500 pips higher, locking in some nice profit for those that took this trade. This intraday level is still short term support, and while it holds, we remain short term bullish. Upside targets will be 1300, 1307 and 1318 which for those interested in selling will want to look for intraday price action signals to short.
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