Weekly Price Action Setups & Key Levels | Feb 14-19

AUDJPY – Showing Signs of Exhaustion + Reversal (4hr chart)
After suffering a mini-flash crash on the 11th last week, the AUDJPY appears to be bottoming short term and forming a potential reversal. What is behind this sentiment of mine is the large exhaustion bar with almost no follow through.

In fact the only follow through has been buying 7 of the last 9 candles. If the sellers truly were in control, where did they go to after the big sell off?

Hence I’m thinking ST the bulls are in control. However the price action is parked just below the 20 ema + dynamic resistance and a role reversal level at 80.55.

If this resistance fails, then we should see a quick test of 81.85, while clearing this puts pressure on 83.50. Meanwhile a failure here puts the 78 handle into context.

audjpy price action 2ndskiesforex

ASX 200 – Trying to Bottom, Bulls Building a Base ST (4hr chart)
Also showing signs of selling exhaustion in the price action is the ASX 200 which has failed a couple times to make new downside this week.

After the pin bar rejection on the 9th, the major index has tried a 2nd thrust lower which was simply bought back up. ST there is resistance around 4824. If this level fails, then we should start pressuring 4900 and perhaps 5000.

However if this level holds, then there is a corrective bearish structure in place and it should retest 4758 before new bids step back in.

asx 200 price action 2ndskiesforex

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I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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