Weekly Price Action Setups & Key Levels | Nov 16-21
GBPUSD – Bearish Below 1.5800 ST (4hr chart)
Getting hammered last week, the Cable dropped a few cents last week before finding some small buying interest off 1.5600. Below 1.5800, I’m bearish and looking to sell pullbacks. Only a daily close above 1.5942 changes the MT bias.
Watch the key role reversal level at 1.5800 for an opportunity to sell, ideally on a weak pullback. Notice the back to back wicks at 1.57 to close the week, so intra-day selling interest there, but look for a weak rally to fade into resistance.
USDCAD – Corrective Price Action Structure in Danger of Breaking (4hr chart)
After reaching a yearly high of 1.1450, the USDCAD has been in a corrective structure for most of November, forming two lower highs in the process. By and large, the bears are in control of the ST price action as their attempts to sell are more aggressive than the buying interest.
However, we have not seen a daily close below the key support of 1.1265 since last month, and the pair just formed a pin bar rejection off the key support and channel lows, showing some buying interest there.
So we have our line in the sand for the bulls at 1.1265. Losing this means a likely return trip towards 1.1125 or 1.11. Upside resistance comes in at 1.1375 and 1.1450.
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