Weekly Price Action Setups & Key Levels | Nov. 24-29
GBPUSD – Range In Play…For Now
Still holding the 350 pip range we talked about and traded in early November, this latest attempt is looking more aggressive with 6 out of the last 8 days closing bullish. Intra-day bears can watch for potential bear signals at 1.6255 targeting 1.6100 and the bottom of the range. Bulls meanwhile can look for a breakout pullback setup at 1.6255 with a 4hr close above. Still favoring the bull side until the bottom of the range folds.
AUDUSD – Activates Major HS Pattern
Selling off impulsively for the last 3 days and 300 pips, the Aussie has broken the neckline of a large HS pattern (head and shoulders) + key level at 9274. Although the HS pattern is suggesting a 500 pip drop, there is a crucial support level at 8895 which was a double bottom from August this year. I’ll look for a corrective pullback towards 9274 to get short and rejoin the bear trend. Downside targets will be 9054 and 8900.
Dow Jones – Another Up-Leg & ATH’s
After being held in the large channel for the last three months, the Dow Jones Index pulled back to the channel top, then launched higher and continues to make ATHs (all time highs). We will look to trade with the trend, either on a pullback towards 15900, or on a super weak corrective pullback towards the prior ceiling at 16015. Upside targets are 16100 and 16200 until we see weakness in the price action.
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