Weekly Price Action Setups & Key Levels | Feb 6-11
My Current Active Open Trades: USDJPY, EURUSD, AUDUSD, AUDNZD
USDJPY – Forming A Pre-Breakout Scenario (1hr chart)
Continuing to press lower off the support around 112.10, the USDJPY is forming a pre-breakout scenario and has now produced 2 weaker bounces.
The price action is suggesting with these lower bounces buyers just aren’t coming in with strength while the sellers continue to cramp things in for the bulls.
Should this support level fold, the next support level doesn’t come in till about 111.35. However should a bounce clear out 113.50 and 114, then we’ll likely see a move towards 115.24 before bears come back in force.
USDRUB – Price Action Breaking Below the Corrective Structure (4hr chart)
As we’ve talked about in prior commentaries, the USDRUB continues to sell off in line with the price action context. Now the pair is starting to break below the corrective structure so a potential RRl forming.
The pair is a little volatile, but if the 59 handle can hold, there is scope for a much larger move down to the mid 55’s and potentially 50. If however the RRL fails, then it will likely re-test the 60.50 RRL we talked about in prior commentaries.
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