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Weekly Price Action Setups & Key Levels | Mar 23-28
EURUSD – Inverted Pin Bar off Dynamic Resistance
After failing to find new buyers sub 1.4000, the Euro sold off heavily to end last week. Last week we wrote about selling on a pullback below the key ‘role reversal level around 1.3820. After pulling back into this level, the pair formed an inverted pin bar.
If this level holds, the pair should test 1.3750 and 1.3700 in the next 48 hours, with a possible larger move down to 1.3500. A daily close above this will change our short term bearish bias.
NZDUSD – Barely Holding Key Support
After breaking above the several month resistance of 8520, the pair has come back to really test the bulls at this level. After bouncing off it mid last week, it formed an inverted pin bar, which is a failed attempt to rally. If the pair closes below 8520, then expect the daily 20ema up next (~8475), and then a move down to 8400.
Watch for intra-day price action clues whether it will hold, but short term, looks like it wants to break down, so will look to sell below 8520, should it hold below on the daily chart.
Nikkei 225 – Continues to Weaken
One of the weak links in the global indices, the Nikkei continues to weaken. The structure currently resembles a head and shoulders pattern, and each bounce seems to get sold off aggressively (*although the highs gain ever so slightly).
Short term, the Japanese index may be exhausted, so will expect a minor bounce here. I’ll look to sell on rallies towards 15,000 and 15375. Downside support comes in at the obtuse rising trend-line (~14225) and 13200.
Check out our latest Live Price Action Trading Setups for Mar 21st
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