Weekly Forex Price Action Setups | July 28 – Aug 2
EURUSD – Uptrend Still In Place But Hurdles Ahead
On our July 18th market commentary, we talked about the daily pin bar off the 20ema, and suggested looking for buys off the 1.3070/80 area. The pair pulled back into the 3080 area, then launched higher, hitting our 1.3145 target and has gained over +140 pips since, so hopefully you profited on that.
The pair is snug up against resistance at 1.3305 and has a key level above at 1.3390 so it should run into sellers soon. Bears can look to take shorts at the higher level, while bulls will take recommended pullbacks either to 1.3150, or look to the 4hr chart on any corrective pullback to the 20ema which has held the price action up nicely as of late.
AUDUSD – Price Action Structure Attempting to Bottom
For over 5 weeks the Aussie has been trotting in place between 9300 and 9000, and for the last 16 days been building a slight base of HL’s (higher lows). Based on the price action trend structure, the bulls and counter-trend players are holding their ground. as they are maintaining more bull closes then the bears. If they can have a daily close above 9321, this could clear the air above, making room for a possible larger retracement up to 9650. Watch for a potential breakout pullback setup above this 9321 level for signals to get long.
Spot Silver – Bullish Case Building, Still In Channel
While precious metals are starting to recover and build a bullish case, you will notice the clear and structured channel which shows many consistencies. Keep in mind, the PM is still in a long term down trend, and it is often channels like this build as attempts to recover, but can and do fail. The channel will communicate whom will take control next medium term, but the channel can definitely be played for now, so look for bullish signals off the bottom, and bearish ones off the top. Any exit from the channel will likely communicate a directional change.
Make sure to check out my latest article on Rule Based Systems vs. Discretionary Systems Pt. 1 along with our latest live price action setups for the week.
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