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Weekly Price Action Setups & Key Levels | Jan 11-16
GBPUSD – Change of Hands, Key Resistance Coming Up (1hr chart)
After pinging the bids at the ‘big figure’ around 1.5000. we are seeing a slight change of hands in the order flow with the bids taking over short term. Notice the end of the move down with the price action angles flattening. This was followed up by the bids holding the line and slowly taking over the price action short term.
We are rapidly approaching key resistance at 1.5265, which is also a key role reversal level. Bears wanting to get short can look for shorts at this level. If this breaks, then 1.55 is the next major resistance for bears to step back in, but that would also mean we have bulls establishing a little more control short term.
WTI – Corrective + Range Structure, Looking to Sell (1hr chart)
While the USD is starting to lose some ground across the board, WTI Oil is still in a bear trend, but is currently in a large corrective structure and range near the lows of the most recent move.
I’m looking to sell at range resistance, anticipating a move back towards the lows. So look to be a seller into resistance while targeting range lows, and potentially another leg lower in the downtrend. Only a daily close above the range resistance negates the ST bearish bias.
Also in the members trade setups commentary, we cover the EURUSD, USDCHF, USDJPY, & GBPJPY. Click here to become a member.
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