Weekly Price Action Setups & Key Levels | Aug 14-19
My current active open trades: GBPUSD, EURGBP, NZDCAD, AUDUSD (option)
Silver – Key Large Corrective Structure Support Below, Bullish Bias (4hr chart)
True to form as we’ve talked about in our latest commentaries, silver has been stuck inside a large corrective structure for almost 1.5 mos between 19.25 and 21.
I’m maintaining my bullish bias ST while we are inside this structure. We are currently approaching a key corrective structure support level around 19.25 so this will be a major test for the bulls.
If this holds, then I’m suspecting a bounce towards 20.50 is in order.
GBPUSD – Approaching Yearly Lows, Expecting Structure to Hold (daily chart)
Post brexit the price action in the pound has been stuck in a large balancing zone between 1.35 and the yearly lows around 1.29.
Not much buying interest has come in yet but I’m expecting the structure to hold ST while MT having a bearish bias and leaning towards a break lower.
For now bulls can consider price action setups towards the yearly lows with a rejection targeting 1.31 and 1.3350.
On the other hand bears will want to either a) wait for a bounce up towards the top of the structure, or b) look for an RRL setup below the structure after the break.
I’m currently short and looking for a MT move towards the big figure at 1.25 before bulls try make another stand.
Also there are some great trade setups from our members this week in the trade setups forum on EURUSD, WTI, GOOG and more.
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