Weekly Price Action Setups & Key Levels | Mar 10-14
EURUSD – Pin Bar @ Key Resistance
Last week the Euro broke through the multi-month resistance at 1.3820 we talked about last week, and screamed towards the 1.3890 highs, giving 1.3900 a kiss before pulling back a tad. The pair currently is hanging around at the top, which means sellers haven’t come in full force yet, and are tenuous at best. The pin bar that formed at resistance shows some offers there.
Bears already short should be looking for a quick target just above 1.3820. Bulls can wait for intra-day pullbacks here to consider getting long, in an attempt to take out 1.3900 and go after the 1.40 one-touch option orders there.
GBPUSD – Rolling Over?
Coming within a hairs breadth of the 1.6800 round number, the pair has sold off heavy to start the week, now down about 110 pips from the highs. This pair should test the bids at the key support parked around 1.6584/6600. If this fails to hold, then expect more downside, particularly a challenge of the ‘big figure’ at 1.6500.
NZDUSD – Sell Signal @ Resistance In Profit
On Mar. 6th last week, we suggested taking a sell signal on the kiwi near the multi-month highs. The pair peaked just shy of this level, and then has sold off now over 80 pips from the highs, so hopefully you got short up there and are in profit. This trade was also discussed in the members commentary, with many profiting from it.
Key support comes in between 8415 and 8435 so taking some profit just shy of there is advised. Bears will need to take out 8400 for more downside. If they can, then 8315 is on deck. Only a break and daily close above 8545 adds fresh upside momentum medium term.
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