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Weekly Forex Price Action Setups & Key Levels | Nov 29 – Dec 4
USDJPY – Corrective Structure ST, Bullish Above Key Support Zone (4hr chart)
After breaking out of a multi-month range late October, the USDJPY has been maintaining it’s bullish bias. ST it has formed a corrective structure (blue box) between 122.25 and 123.60.
I’m staying bullish while above this and the key support zone down towards the low 121 handle. Only a daily close sub here would negate my bullish bias. Upside I’d be looking to target 125 and the yearly highs.
USDCAD – Rising Channel – ST Bullish Bias (4hr chart)
With the price action gaining steadily since the early parts of this month, the USDCAD is currently in a two+ week rising corrective channel. The bulls are in control, but not making a heavy push, hence the slow dribble to the upside which means likely light volume vs. the CAD.
This is in contrast to the GBP, EUR or CHF which have lost further ground vs. the USD in comparison to the CAD on a weighted/strength basis. Hence the USD is stronger vs. the CAD, just not as strong when compared to the EUR, GBP & CHF.
For now, I’m staying bullish USD vs. the CAD while above 1.32 and 1.3045 on a daily closing basis. Upside there is a key resistance level around 1.3425, but after this and the big figure at 1.35, there isn’t much till the mid 1.39’s.
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