Weekly Forex Price Action Setups & Key Levels | Jan 17-22
USDCAD – Pullback Level Profits, More Upside Projected (1hr chart)
In our Jan 12th members commentary, we talked about the bullish bias and wanting to get long on a pullback for the USDCAD. Our first level to get long was the 1.4188 level, and the market did just that pulling right back to it before taking off for almost +400 pips.
Congrats to the members who traded this and are up some serious pips and profits at this point.
For now 1.4305 becomes a MT pullback level while a potentially shallower area between 1.4415 and 1.4350. Upside I’m projecting much more for the USDCAD and am expecting 1.50 to be hit by end of Q1 or early Q2.
Only a daily close below 1.4150 would negate my bullish bias ST & MT.
ASX 200 – Forms Textbook Breakout Pullback Setup, Bearish Bias in Play (1hr chart)
Also last week in the members price action commentary, we talked about the small corrective structure in the ASX 200 and that a likely breakout to the downside was coming. By breaking key support ~4884 the index offered a textbook breakout pullback setup dropping over +110 points before bouncing.
4765 is a major multi-year support level so a bounce here is not surprising. For now I’m maintaining a bearish bias and will look to short on rallies into resistance. The first key role reversal level would naturally be the 4884 and 4865 (Jan 13 spike low).
While the market remains below here on a daily closing basis, the bias is bearish ST & MT. Downside we have 4765 and scope for a move down to 4633.
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