Weekly Forex Trade Setups & Key Levels Jul 6-10
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EURUSD – Gapped Down, Under Pressure (daily chart)
Gapping down to start the week, the Euro is under pressure and I’m expecting a bearish tone for the week, especially with the potential of a Greek exit or ‘No’ referendum by the day.
My sell zone to get short is between 1.1245 and 1.1430. I know that’s a wide zone, but unless some miracle deal that pleases everyone comes through, I’m expecting rallies to be sold and volatility should be par for the course.
Support is at the big figure of 1.10 right now and a daily close below here should target 1.0850, with a potential move back down to 1.0550.
AUDUSD – Broke Key Support, Bearish While Below (4hr chart)
As we talked about last week, we suspected a breakdown was likely and taking out the key support level at 76 would trip stops and ignite strong selling.
As we can see from the chart below, this is exactly what happened with 130 pip drop without any pullback (yet). I’m looking to sell any rallies into this level down to 7575.
The next major support level down is 7275 so this would be my downside target after taking out today’s lows.
Only a daily close back above the RRL (role reversal level) would negate my bearish bias.
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