Weekly Price Action Setups & Key Levels | Aug 7-12
My current active open trades: GBPUSD, EURGBP, AUDUSD (option)
Gold – Looking to Buy, RRL Approaching (4hr chart)
Continuing it’s corrective structure and balancing zone, Gold has ran into some solid offers just shy of the yearly highs near 1370. We’ve been talking about this being likely in the member’s commentary as of late and it’s playing out as expected thus far.
For now, I’m bullish and looking to buy. There is a key RRL approaching near 1300/1308 which you can see on the chart below. This will likely be the next location bids will look to enter the market.
If this zone holds, then we should be re-attacking the highs of the structure. If it fails, then ST the bias goes to the downside where bulls will look to re-group lower, likely near 1275 and 1200.
GBPJPY – Large Corrective Structure & Balancing Zone, Bearish Bias (daily chart)
After forming a false break setup in early July, the GBPJPY has been mostly range bound in a large corrective structure and balancing zone between 132 and 142.
For now I think 132 should provide a decent bounce, but am more inclined to be a seller vs. a buyer. I’ll be looking for price action opportunities near 142 to target the bottom of the range as I suspect an eventual break lower is the more likely scenario.
Only a daily close above 145 would negate my MT & LT bearish bias.
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