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Weekly Forex Price Action Setups & Key Levels | Feb 7-12
AUDJPY – Breaks Key Support Level, Bearish Bias ST (1hr chart)
On Friday we tweeted about the price action squeeze and likely breakdown of the AUDJPY around the key support level at 83.50 and 83.75 (where the squeeze happened). Once these levels were cleared out, the pair sold off another 100 pips in a matter of hours.
For now this turns the bias bearish ST and puts pressure towards 81.50. Weak corrective pullbacks towards 83.50 and 83.75 will likely face solid offers with the bears targeting 81.50 being the Jan 25th spike lows. Only a daily close above 84 negates the bearish bias ST.
Nasdaq 100 – Breaks 4100 Key Level, Hovering Above Next Support (1hr chart)
Also this Friday on my 2ndSkiesForex twitter account, I talked about the key level at 4100 being under pressure and a break targeting 4000. After clearing the 4100 barrier, the us index sold off 5 of the next 6 hours and currently sits just a few points above the big figure at 4000.
Support around here goes down to about 3990, but a break below here opens up fresh downside down to 3900. For now the bias is bearish while below 4100. Weak corrective pullbacks here will likely be sold. Only a daily close above 4125 negates the bearish bias.
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