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Weekly Price Action & Key Levels | Mar 2-7
EURUSD – Bullish but @ Key Resistance Zone
Gaining a mild amount of ground last week, the Euro closed the week on two strong days of buying. The pair is just below a key resistance zone which is likely to have sellers parked in there. I’ll look for a sell signal between 1.3890 and 1.3850-ish expecting offers to emerge. If this zone holds, then downside targets would be 1.3770 and 1.3700 short term. A daily close above 1.3900 would likely = and attack on the ‘big figure’ at 1.4000.
GBPUSD – Bulls Making Second Attack
Last week we discussed the corrective pullback on the GBPUSD likely translating into a second attack by the bulls after holding the line just below 1.6600. The bids stepped in and have since pushed the pair +100 pips higher. This trade setup was discussed in the members commentary and many traders have profited nicely from it.
The pair will complete the move if it can touch 1.6800 or 1.6820. Bears can look for sell signals at the yearly highs, while bulls will want a daily close above to see gains extend towards 1.7000. Only a daily close below 1.6580 negates our medium term bullish bias.
NZDUSD – Pin Bar Sell Signal
Since September last year, the Kiwi has been stuck in a range between 8400 and 8050. The resistance has been tested now 5x, forming pin bar signals 3 of those 5. If the range holds, we could see a short term move down to 8300, with further downside available towards 8200 and potentially the range bottom at 8054. This trade was discussed in the members forum and bears not short can look to get short on weak intra-day pullbacks towards 8375 and 8400.
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