Weekly Price Action Setups & Key Levels | Apr 17 – 22
EUR/JPY – Corrective structure persists + pre-breakout structure (4hr chart)
The corrective structure mentioned in the commentary a few days ago continued throughout the week. The bulls never managed to push up and re-test the top of the structure. Instead every attempt to rally was countered by the bears earlier and earlier each time indicated by lower highs.
The structure shows a pre-breakout structure, further reinforcing our idea that a bearish continuation following this correction is likely.
The focus now turns towards 120.00 as the next target for the bears.
Only a daily close above 125.50 would change our MT bias which is bearish for now.
XAUEUR – Bearish Pullback Attempting to Base, ST Support Below (daily chart)
Gold has been outperforming most instruments this year and has been doing quite well vs. the Euro. After hitting a yearly high of 1162 in March, the price action on the PM pulled back towards 1064 before bouncing impulsively.
I think the ST key support level below at 1064 is a decent base bulls will attempt to hold while making another charge for the yearly highs. Hence I’ll be looking to get long on pullbacks and keeping a bullish bias while above 1050 on a daily closing basis.
Beyond 1162, there is scope for a move to 1200 and perhaps the 2011 highs around 1360.
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