Weekly Price Action Setups & Key Levels | Mar 16-21
EURUSD – Stuck in a Short Term Range
For the last 5+ days, the Euro has been stuck in a short term range, between 1.3845 and 1.3920. The pair formed a with trend pin bar signal, and a false break 2x to the upside. For now, play the range, with a greater bias towards the uptrend. Watch for a daily close outside of this range for the next direction.
It should be noted, being so close to the ‘big figure’ at 1.4000 means bulls are less likely to get aggressive here, barring a new risk event.
GBPUSD – Pin Bar Off Range Support
We’ve been talking about playing the range support back on the March 5th commentary, which some members made a quick intra-day profit from. For now, the range is defining it, but there are small hints the bull side is weakening. Traders not long at the 1.6584 support can look for longs on corrective pullbacks. Bears can look to get short around the resistance zone between 1.6784 and 1.6815.
Gold – 6 Weeks of Straight Gains
Taking a step back and looking at the weekly chart, gold has gained 6 weeks straight, and 11 of the last 12, gaining 18% in the process. Next on deck is the 1421 resistance which held back gains back in May and August of last year.
Bulls already long should look to take some profits just shy of the level, as I suspect bulls will pare some longs prior. Traders wanting to get long can look for corrective pullbacks towards 1360 and 1353. Bears, meanwhile can look for price action signals to sell at this level.
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