Weekly Price Action Setups & Key Levels | Apr 17-21
My Current Active Open Trades: USDCAD, AUDUSD, AUDCAD, AUDNZD, GBPNZD, EURCHF, EURPLN, XAUTHB
GBPUSD – Approaching Top of Corrective Structure, Looking to Sell (daily chart)
After a corrective pullback, the pound continues to gain and push higher up towards 2 key resistance levels. These two levels (1.2742 & 1.2670) are the top of the price action corrective structure which has held for 6 months now.
I’m expecting this corrective structure to hold so am looking to sell. Only a daily close above 1.28 would negate my bias.
If the resistance zone holds, there is scope for a move towards 1.2550, 1.2350 and 1.21. Meanwhile a break and close above 1.28 opens up technical buying for a move back towards 1.30.
EURUSD – Corrective Structure Still Intact, Looking to Play Both Sides (daily chart)
For this year and the end of last year the EURUSD has been in a CT corrective structure with the impulsive legs being more to the downside.
For now I like playing both sides of the corrective structure, and am particularly interested in the 1.0860 key RRL. For now, play the structure till it’s broken. A daily close above 1.09 opens up a lot of fresh upside, and potential for a move towards 1.11.
Meanwhile a break below 1.06 puts pressure on 1.05 and 1.04.
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