Weekly Price Action Setups & Key Levels | Jun 4-9
My Current Active Open Trades: AUDUSD, EURGBP, NZDJPY, EURNOK, EURPLN, USDMXN, XAUTHB, AX_UN, ANZ, BMO, CSE, CUF_UN, RY
EUR/USD – Closing in on Multi Year Resistance, Looking to Sell (Weekly chart)
Since the false break of 1.05 back in December last year, the bulls not only managed to regain control, they’ve also managed to maintain the bullish price action, pushing the pair 750+ higher.
We are now starting to close in on a multi-year resistance zone (1.140/1.145) which has been successfully defended for more than 2 years.
This is a highly attractive level which most likely is on the radar of many sellers and a level we expect to hold.
A successful rejection from this key resistance level would put 1.1250 and 1.1130 into perspective again.
Exxon Mobil Corporation (XOM) – Breakout of Corrective Structure (Daily chart)
As mentioned in the market commentary on the 21st of May, we expected another impulsive leg down following the MT corrective structure.
This is exactly what is happening now as price impulsively broke out of the MT CS on Friday and produced a strong daily close below 80.40.
This opens up for technical selling with minor support coming in at 78.80, 75.50 and major support at 72.00.
A strong close back above 80.40 within the next days would result in a possible false break, putting 83.70 back on the radar.
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