Weekly Price Action Setups & Key Levels | Jan 22-27
My current active open trades: EURUSD, AUDNZD, GBPJPY, USDCAD
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USDJPY: False Break Of Key Resistance, ST Bearish (4hr chart)
After a couple attempts in the last week to break through the key resistance around 114.90, the pair has continued to find selling pressure as we talked about last week.
For now I’m staying bearish while below 115.75 on a daily closing basis, which is the false break highs from last week. For now, bears will attempt to to target the Jan lows around the mid-112 figure.
EURUSD – Bullish Price Action Post Pin Bar Signal Failure (daily chart)
Gaining 9 of the last 14 days, the Euro continues its bullish bias after clearing out the 1.0650 which was a pin bar signal failure that we talked about ahead of time.
For now, I’m suspecting Euro bulls will make a likely push towards the key resistance level around 1.0857 (Dec highs/Oct lows). Hence I’m keeping a ST bullish bias till we get towards this level. Only a daily close below 1.05 would negate my ST bullish bias.
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