Weekly Price Action Setups & Key Levels | Dec 1 – 6
GBPUSD – Bull Trend Running Strong
In last week’s market commentary article, we suggested looking for a breakout pullback trade at 1.6255 on a breakout and 4hr close above 1.6255. The pair did exactly that, closing above the level for 8hrs, then pulling back to 1.6257 giving it a brief kiss – then launching higher, now up over +160 pips so hopefully you profited from that as savvy price action traders did. Traders can look towards 1.6390 and 1.6321 on corrective pullbacks to get long. Bullish bias remains with daily closes above the 1.6255 aforementioned level.
AUDUSD – Bearish Trend Intact, Looking for Pullbacks
Now in its third leg of the current downtrend, the Aussie is still in a bull trend, but slowing down a bit, the pair has trotted in place for the last three days, so buyers are stepping in for the moment. I’ll look for a pullback setup to trade with the trend at 9229 with stops just above 9275. Downside targets are 9060 and 8900.
USDCAD – Breakout & Bullish Bias Above 1.0600
Stuck below the Key 1.06 levle since July of this year, the pair finally broke above the 1.0600 level last week and has gap’d up on the open. Bull traders can look for corrective intra-day pullbacks towards 1.0600. If the bids hold, then look to get long there looking for 1.0675 and 1.0745.
Check out our live price action trades of the week.
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