Weekly Price Action Setups & Key Levels | Apr 7-11

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EURUSD – Weekly 20 EMA Holding
Stepping out to take a look at the weekly chart, the Euro has sold off for 3 weeks straight, landing right on top of the weekly 20 ema (@1.3679). The pair is holding that line for now, which was also a SH (swing high) back in Jan. this year, so there may be some slight underpinning to start the week.

Watch for a push back up towards the key resistance in 1.3820 that we talked about last week.

***For a great video lesson on Finding Key Support & Resistance Levels, click here.

If last weeks low at 1.3670 collapse, we’ll likely see an unwinding towards 1.3500

eu daily market commentary

Dow Jones Index – False Break of 16560 Level
The former all-time-highs of 16560 were taken out late last week, printing a new ATH of 16650. But instead of holding the highs, the US index sold off massively to end last week, forming a false break + engulfing bar.

After losing ground from the open to start this week, bearish pressure is continuing, so I’ll look for a price action setup towards 16560 to get short on a corrective pullback. Downside targets are 16350 and 16210. Only a daily close above the ATH will suggest the short term bearish sentiment is over.

dow jones daily market commentary

Gold – Forming a CT Impulsive Move
After shedding over $100 selling off for 9 out of 12 days, the precious metal is forming a CT  impulsive move (counter-trend). Over the last 3 days, the PM has taken back 4 days of losses, suggesting the commodity is potentially forming a short term base around 1277.

I’ll watch for pullbacks towards 1293 to get long, with stops below the swing lows ~1278. Upside targets are 1307 and 1331.

gold daily market commentary

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