Weekly Price Action Setups & Key Levels | Jun 18-23
My Current Active Open Trades: EURGBP, EURNOK, EURPLN, USDMXN, CADMXN, AX_UN, ANZ, BMO, CUF_UN, CSE, SBER, FXo EURJPY, FXo EURPLN
USD/JPY – Approaching MT Resistance Zone (4h chart)
After clinging to the key resistance zone between 111.70-112.10 for the last half of May, the pair started to sell off. But after finding support around 109.50 followed by strong buying, we are now closing in on the overhead resistance again.
Since this is a key MT resistance, we expect it to hold for now. Sellers interested in taking advantage of this price action should find ST supports at 110.60 & 109.10 to be potential areas to target.
A strong close above 112.00 opens up for buying towards 113.70 and 115.30.
Verizon Communications (VZ) – Possible false break & reversal structure at Major Support (Daily chart)
Currently trading at a major LT support zone which has been well respected since back in 2012, the ST price action indicates a possible false break.
This zone and pattern should be interesting both for ST counter-trend players as well as for LT traders from a LLT perspective.
Buyers looking to go long based on this can look for weak pullbacks towards 46.00 with stops below 45.00.
To the upside we have resistance levels at 48.00 and 50.60 to look out for.
However, if bears manage to take control and push through the major support level, a move down towards 42.50 is very likely.
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