Weekly Price Action Setups & Key Levels | Mar 31-Apr 4
EURUSD – Choppy Week, But Still Bearish
After a choppy last week which saw the pair surge, then sell off 3 days in a row, the pair is holding under a short term role reversal level. If this level holds, the pair will likely retest 1.3700, potentially making a path lower towards 1.3500. Bears can look to sell in the 1.3840 resistance zone on corrective pullbacks.
AUDUSD – Pin Bar @ Resistance
After an impressive 6 out of 7 day bull run, the pair hit the key resistance area at 9266, which we talked about in last weeks daily market commentary. Even though it formed a counter-trend pin bar, the underlying bull trend is still in place.
I’ll watch the price action this week, and look to buy on pullbacks into the support zone between 9163 and 9127. Upside targets are 9266 and 9500.
NZDUSD – Needs to Clear Key Resistance
One of the more impressive bull runs, the pair is now up 7 of the last 8 week, and +600 pips. After pulling back to the role reversal level on 8520 that we mentioned in the last weekly commentary, the pair surged higher touching the key resistance at 8680 (Apr. 13′ highs).
If the pair closes above this level, look to get long targeting the 8783 and 8842 June 2011 highs.
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