Weekly Price Action Setups & Key Levels | Aug 28 – Sep 1
My current active open positions: GBPUSD, AUDCHF, CHFJPY, EURNZD, AX_UN, CUF_UN, CSE, FTS, REMX, SBER, TRP, XHB, XIV, FXo EURJPY, FXo EURPLN
USD/NOK – Trade In Profit As Corrective Structure Held Followed by 2500 Pip Sell Off (4h chart)
The MT corrective structure and even handle we mentioned in our members market commentary on the 9th of August held like a brick wall and offered 2 good shorting opportunities. After two re-tests of the level, price initially sold off +1400 pips broke through the bottom of the structure and continued to sell off for another 1100 pips.
Congratulations to the course members who profited from this move.
8.00 being is a critical level for this pair and the fact that it now has been broken will most likely attract more bears to the table.
Weak pullbacks into 8.00 can present further possible shorting opportunities for those not yet involved. Supports coming in below current price are 7.50 and 7.30 whilst to the upside, closest resistances are found at 7.83 and 8.00.
NZD/USD – False Break Of Key S/R Zone (Daily chart)
As the bulls were not able to stand their ground above 0.7400, the NZD/USD has closed back below the key S/R Zone (0.7350 – 0.7400), rendering the price action above the zone as a false break. Pullbacks into the S/R zone can offer potential shorting opportunities with supports coming in at 0.7220 & 0.7050.
On the other hand, another bullish attack on the S/R zone and a strong bullish daily close above 0.7400 would put the resistance levels 0.7550 & 0.7620 back into focus again.
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