Weekly Price Action Setups & Key Levels | Feb 12-17
My Current Active Open Trades: USDJPY, EURUSD, AUDUSD, AUDNZD, XAUTHB
USDJPY – False Break + Impulsive Buying = Bullish Bias ST (1hr chart)
After trying 2x to break the key support level around 112, the USDJPY has formed some bullish impulsive price action, clearing the key ST hurdle around 113.50 and 114 we talked about in prior commentaries.
ST to me this creates a bullish bias while above 113 on a daily closing basis. For now I’m expecting the USDJPY to head towards the key resistance level around 115.30 before some profit taking emerges.
I’m currently long and will update members in the course on the next commentary how I’m handling my open trade on this pair.
AUDNZD – Rips Higher After Kiwi Rate Cut (daily chart)
As y’all that have been following my commentary for a while, I’ve had active trades open on the AUDNZD for a while. I was LT bullish on the pair based upon the price action structure and key support zone between 1.0425 and 1.0350 (even down to 1.0225).
Last week, the RBNZ cut rates on the kiwi sending the pair reeling, and this pair ripping higher. For now I’m raising my stops just below the Jan lows (~1.0325) and am expecting a move now towards 1.0745 before any profit taking from the bulls takes place.
If the pair clears this level on a daily closing basis, then this should open up the topside with a potential move towards 1.10 and 1.1250 before any MT sellers come into play.
Meanwhile a rejection at 1.0745 would put pressure on the pair for a potential return trip to the 1.0350/1.0225 support zone.
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