Weekly Price Action Setups & Key Levels | Feb 22-27
EURUSD – Range Continues to Profit (4hr chart)
For the last week or two we’ve been talking about ‘playing the range’ by selling at resistance around 1.1420/40 and buying off 1.1270. As you can see from the chart below, last week both sides of the range would have played out for some nice +2R or better trades within a day or so.
This just goes to show (once again) good trades do not take long to play out. Only when you have a bad entry, SL or TP do trades and solid profit take a lot of time to play out.
For now the mantra is the same until it breaks. If the upper side breaks, look to sell again at the key resistance around 1.1530/45. Bulls wouldn’t want to consider buying till just about 1.11.
AUDUSD – Bear Trend, But Approaching Key Resistance (4hr chart)
For the month of February, the AUDUSD has been consolidating in a range at the bottom of the bear trend between 7859 and 7650. This is kind of a make or break moment for the counter-trend players as they’ll need to close above this key resistance level on a daily basis to garner more to their cause. Hence bears wanting to get short have their line in the sand.
Any impulsive price action selling here means a likely pullback towards 7750 and perhaps down to the yearly lows at 7650. A daily close above here targets 8030 while bears will want to minimally get towards 7650 to feel stable in their short positions.
Also in our members commentary today, we cover the USDCAD, EURGBP, GOLD & FTSE 100. Click here to become a member.
Read my latest article Meditation for Trading – My 15 Years of Practice
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book