Weekly Price Action Setups & Key Levels | Dec 11-16
My current active open positions: EURUSD, EURGBP, AUDCAD, AUDNZD, AUDUSD
NOTE TO MEMBERS: Don’t forget to check out my latest live price action trade video on the EURUSD for +300 pips on a 40 pip stop.
ASX 200 – Sitting Just Below Key Resistance Zone (daily chart)
Posting an impressive 10% gain over the last month, the ASX 200 has gained 5 days straight. Currently the major index is sitting just below a key resistance zone between 5568 and 5612. This zone has held for the last 5+ months and I’m expecting some profit taking from bulls here.
Overall the bullish case continues to build with the price action structure continually building higher. I’m leaning towards a breakout (if it can muster it before the end of year). Hence I’ll look to play both sides with the zone holding ST, but MT a likely break which will open up the topside putting 5737 as the next major resistance area.
AUDNZD – Attempting to Form A Base Near All Time Lows (daily chart)
Consistently losing ground over the last 1-2 mos, the AUDNZD is attempting to form a base near the all time lows around the 1.02 handle. Thus far we’ve had about 4 rejections off this level in the last 6 weeks with each rejection getting smaller.
What is interesting is the 4hr chart showing a potential false break setup around the 1.04 handle. The pair will need to clear 1.05 on a daily closing basis to really stabilize the false break.
For now bulls can potentially play this false break or wait for a move lower towards the all time lows.
Only a daily close above 1.05 will bolster the base being formed. Meanwhile a daily close below the all time lows puts more technical bearish pressure on the pair.
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