Weekly Price Action Forex Setups | July 7-12
EURUSD – Approaching Critical Support
Selling off for 9 of the last 13 days, the Euro is only 60 pips away from the yearly lows and is in the 2nd leg of this sell-off. Buyers will have to watch 1.2750 for price action signals, while bears will need to wait for a pullback to avoid selling into 1.2790/50 support levels. Intraday price action levels to watch for sell signals would be 1.2881 and 1.2921 which can be easily seen from the 4hr and 1hr charts. A break of the yearly lows puts 1.2657 into sight for the bears.
GBPUSD – Inside Bar Profits Heavily
On July 1st in our market commentary, we talked about the inside bar setup on the GBPUSD and looking for sell signals on a pullback above 1.5300. After popping up to 1.5303, the pair sold off massively after the BOE announcement and NFP numbers, dropping over 400 pips in two days. Savvy price action traders in our forum caught this move and profited heavily as it was posted and discussed in the traders forum.
Because the pair is approaching the yearly lows at 1.4828, selling now would not be advised as it will likely run into some buyers below, so look for rotations back to 1.5000/20 to rejoin the impulsive selling, targeting the yearly lows and potentially a break below.
AUDUSD – Downtrend Remains Intact
For over two months now, the Aussie has not had a single daily close above the 20ema, being one of the more prolonged and consistent trends. There is a nice intraday role-reversal level around .9175 and .9300. I’ll look for intraday price action sell signals on rotations back into the dynamic resistance & daily 20ema to rejoin the trend. Downside targets will be .9000 and .8850.
Gold – Pin Bar Off Resistance
Still having a hard time gaining any ground, the PM formed a pin bar off resistance last week, and has since sold off about $45 from its two week high. Although this recent structure is more compact (possible hinting at slowing down), we still prefer selling into rotations towards 1268 and 1318. Watch intraday price action 4hr/1hr charts for signals off 1268 targeting 1220 and 1180. A break below the 1180 puts 1160 into perspective as we could easily see more unwinding.
For those wanting to join the traders forum, get lifetime membership & more, visit my Price Action Course page here.
Also check out some winning trades from our students over the last few weeks grabbing some excellent intraday setups.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book