Weekly Price Action Setups & Key Levels | Jul 2-7
My Current Active Open Trades: NZDUSD, AUDNZD, EURGBP, EURNOK, EURPLN, AX_UN, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
EUR/JPY – Impulsive Corrective Sequence Followed By 400+ Pip Impulsive Move (Daily chart)
We mentioned this impulsive-corrective structure in our members commentary on Jun 19th, and that we expected a bullish impulsive move to follow this structure.
After 1 more week of tight consolidation around the top of the key S/R zone between 122.90 & 124.20, the impulsive move to the upside manifested and launched the pair upwards +400 pips in just 1 week.
Congratulations to those of you that were able to take advantage of this move.
I am currently long EURJPY via a vanilla call option, so am solidly in profit as well (see below).
On the way up, bulls also managed to push the price action through the major resistance zone around 127.00 which now should act as ST support.
To the upside we have resistance at 128.60 and 131.40.
WTI Oil – Key Support Held = ST Bullish bias (Daily chart)
The key support level at 43.00 we had on our radar since the 11th of June that we mentioned in the members commentary was successfully defended by the bulls.
The impulsive price action following the rejection took out the 45.00 resistance which changes our ST bias to bullish.
MT bias is more towards a neutral stance, meaning a 2-way market with both buying and selling opportunities IMO.
Solid supports are coming in at 45.00 and 43.00 and resistance levels to look out for reside around 47.00 and 49.00/.50.
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