Weekly Forex Price Action Setups & Key Levels | Nov 22-27
EURUSD – Bearish Below Key Resistance Zone, Looking to Sell (4hr chart)
Looking like it wants to test 1.05 and perhaps parity soon, the Euro has continued to get sold impulsively on pullbacks since the NFP print early this month.
I’m looking to sell the EURUSD, ideally on weak pullbacks into the key resistance zone between 1.0783 and 1.0830. Until we get a daily close above this zone, I’m keeping my bearish bias. Downside I’ll look to be targeting the ‘big figure’ at 1.05 and perhaps for a move lower towards parity.
NZDUSD – Trying to Complete False Break, In Key Resistance Zone (4hr chart)
After breaking below the 65 handle last week, the Kiwi did an about face forming a false break setup when it shot back above the 65 barrier impulsively.
As most false break setups play out, it hit the other end of the corrective structure, and is trying to complete the false break reversal by taking this resistance out near 6581.
A clearing above the key resistance zone between 6581 and 6650 would change the medium term bias to bullish. Bears wanting to get short have their zone and can consider targeting 6450 and sub 63.
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