Weekly Price Action Setups & Key Levels | Aug 20-25
My Current Active Open Trades: GBPUSD, EURNZD, CHFJPY, AUDCHF, AF_UN, CUF_UN, CSE, FTS, XHB, SBER, TRP, REMX, FXo EURJPY, FXo EURPLN
XAU/USD – Currently Testing Long-Term S/R Zone (Weekly chart)
The precious metal has worked its way back up to 1290 again and is currently testing this S/R zone (1290-1310) for the 3rd time in 4 months.
The last 2 rejections from this key resistance zone have been equally strong, so for now we expect this zone to hold.
On a successful 3rd rejection from this zone, a move down towards 1260 is likely and if that area fails to provide support, 1210 would be next in line.
A daily close above 1310 would change our LT bias to bullish and the first point of attack would most likely be 1340.
Ashtead Group PLC (AHT) – Long-Term Corrective Structure On Top Of Massive Bull-Trend (Daily chart)
The price action of this British industrial equipment rental company has had a very impressive journey over the last 7 years to say the least, advancing from 100£ all the way up to 1765£.
Currently the stock is trading within a large corrective structure between 1530 & 1765.
If the bulls successfully defend the bottom of this structure, another attack on the ATH is a very likely scenario IMO considering the strong LT bullish momentum in this stock.
A break below 1530 on the other hand would likely open up for fresh technical selling down towards 1450 and 1350.
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