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Weekly Price Action Setups & Key Levels | Aug 16-21
EURUSD – Larger Range in Play, ST Bullish Bias Building (daily chart)
Climbing for 6 of the last 8 days, the Euro is in a large range between 1.0825 and 1.1435 with the lower boundary holding 3x now. ST the bias is slightly bullish in the face of such steady gains last week and a higher low put in just below 1.09.
If we take out the ST key resistance level at the 1.12 handle, I’m expecting a run up towards the range highs before sellers re-emerge. If however we get impulsive selling from here, then the range bottom and bids around there will be attacked.
AUDUSD – ST Building, But Bearish MT (daily chart)
After double tapping the yearly lows around 7260, the Aussie is trying to form a base while correcting off the lows. If this base holds, I’m expecting a challenge on 7400 and the 7525 role reversal level before offers return in force.
Weak pullbacks towards 7265 will be bought, but medium term (MT) the structure is still bearish and I’m expecting pullbacks to be sold.
USDJPY – Bearish Engulfing Bar, Playing Both Sides (daily chart)
Although the USDJPY is currently in a long term bull trend, There is some stiff resistance just ahead near 125.69 which I’m sensing will hold on the next test up.
You’ll notice the bearish engulfing bar before hitting the recent highs, along with a weak follow up since, so ST bears are suggesting a two-way market.
For bulls, the key support comes in around 121.84, which if the bears get control ST would be a likely target. If however the upside resistance folds, then we should see an attack on 127 near term.
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