Weekly Forex Price Action Setups & Key Levels | Jul 19-24
NOTE: The Singapore Trading Seminar was a massive success and we are already planning our next seminar in Europe expecting double the attendance, so stay tuned for more details.
But make sure to check out some of the pics from the event with traders from ~10 countries on my facebook page here coming for this weekend event.
AUDUSD – Bearish Below 7575 on ST/MT Basis (daily chart)
After breaking down from the 7700 level like we suggested back in late June, the Aussie has been consistently under pressure, taking out the 74 handle in the process.
7575 was such an important key support level that we haven’t seen prices below this since 2009, so the risk is to the downside for now.
Any weak corrective pullbacks towards this level are good opportunities to sell (IMO) with 75 being another potential trade location.
For now, the next downside target is 7290 with a chance for 7045 and 6330 being under attack medium term.
USDCAD – Bulls On Parade, Looking to Buy (4hr chart)
Just ripping it up for the month of July, the Loonie has gained almost 5 handles since the end of June, currently sitting just below the ‘big figure’ at 1.30.
The current price action context with a large breakout bar above 1.28 and a corrective pullback since then suggests bulls will start another leg up soon.
Assuming no real impulsive selling from here, the first pullback zone to buy is between 1.28 and 1.2760. If this holds, then another attack on 1.30 should be in order.
Only a daily close below 1.2650 negates my bullish bias.
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