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Weekly Price Action Outlook & Key Levels | Feb 9-14
EURUSD – Potentially Building for an upside Breakout
After rejecting 3x off the key 1.3815 resistance level, the pair sold off a few hundred pips, but has since entered a structured channel. What is interesting to note is the pairs inability to gun straight for the range bottom at 1.3320, which would have been more in keeping with the larger range.
Closing bullish 4 of the last 5 days after the false break suggests the bulls may be building up positions for an upside breakout. If they can take out the 1.37 swing highs, then the key resistance at 1.3815 will be under attack.
Spot Gold – Bullish Channel & Trade Progresses
Our bullish gold trade and bias has been working out quite nicely, with the key 1242 area holding, consistently building higher lows and higher highs.
You can see in the chart below I am currently long this pair (whoa, a price action trading mentor showing a actual live trade), entering at my suggested area, up about +2400 pips and 900+ locked in. Initial risk was about 400 pips, so already up about 6R on this trade and +2.5R locked in.
I am open to taking profit soon as the precious metal is approaching a key resistance zone between 1270 and 1278. Clearing the air up there will likely put 1289 and 1309 on deck and suggest a larger bull move is underway. Daily close below 1238 will negate the short term bullish bias.
AUDUSD – Intra-Day Breakout Trade Hits +2R TP1
Our intra-day breakout trade recommendation to buy at 8940 hit the 8996 +2R target in less than a day. Anyone with a 20 pip stop would have survived (by a few pips) and walked away with a handsome 2R profit in under a day, so congrats to those who profited from this trade.
For now, the pair is consolidating and will need to have a 4hr close above 9000 to gain some fresh momentum. Until then, a slight bullish bias can be maintained short term while there are no daily closes below 8830/45.
Make sure to check out our most recent Live Price Action Trades of the Week + 681 Pips
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