Weekly Price Action Setups & Key Levels | Apr 2-7
My Current Active Open Trades: AUDUSD, EURCHF, AUDNZD, GBPNZD, XAUTHB
GBPUSD – Large Corrective Structure In Play (daily chart)
After the monster sell-off late last year, the GBPUSD has stabilized between the 21 and 27 handles forming a large corrective structure. For now, this is what you should be trading (the structure) until it breaks.
That means looking to sell towards the highs and buy on the lows IMO.
Buying interest has been strong the last 3x’s it hit 1.21 so a good risk:reward ratio available, while virtually the same on the sell side.
Only a daily close above 1.28 or below 1.20 would negate this structure.
ASX 200 – Approaching Multi-Year Resistance (weekly chart)
For the first time in almost 2 years, the ASX 200 is approaching a major multi-year resistance zone around 6000. The last time the index hit this zone, it stalled there for about 8 weeks, then sold off 1250 points.
I’m looking to play both sides of the price action here, meaning sell near the resistance zone, while buying if we get a weekly close above. Downside I’ll be looking for a minimum of 250 pts, but will wait for a potential larger move back down towards 5000 and 4750.
Meanwhile a break and close above this zone puts 6785 (2007 highs) into focus.
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