Weekly Price Action Setups & Key Levels | Feb 26 – Mar 3
My Current Active Open Trades: EURUSD, EURGBP, AUDUSD, AUDNZD, XAUTHB
AUDUSD – Sitting At Major Resistance Zone (daily chart)
For almost a year, the Aussie has been unable to make a daily close above a key resistance zone between 77 and 7825. We’ve talked about this zone in prior commentaries and the market still hasn’t cleared it.
Currently the price action is sitting right below this zone and I’m starting to see some weakening heading into it as the pair struggles to make new highs while more bear closes emerge.
For now I’ll have a MT neutral bias while below this zone, so am open to looking at short trades here until this zone folds. If it doesn’t break, then we could see a potential round-trip down towards the base around 72. However if it gets broken on a daily closing basis, then it should open up a fresh side of technical buying with scope for a move up towards 8000 and 8100.
S&P 500 – Impressive Bull Run Continues, Bullish Bias (daily chart)
Closing an impressive 14 out of the last 15 days bullish, the S&P 500 continues to march higher with no real price action or technical barriers in sight since we are at all time highs.
Very rarely does any instrument close 14 of 15 days bullish. In fact you’d be hard pressed to find across 10,000’s of instruments with a run like this, so either a manipulated market with some invisible hand buying, or everyone is that bullish.
ST there is an intra-day base around 2352 which is where a with trend pin bar has formed so some solid buying interest there. Until we get a daily close below that and 2330, I’m maintaining a bullish/buying bias. Upside we have 2400 as the next target and then a major target around 2500.
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