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Weekly Price Action Setups & Key Levels | Mar 13-18
USDJPY – Large Corrective Structure, Looking to Sell (4hr chart)
For the last month, the USDJPY has been banging around in a 375+ pip range between 114.86 and 111. The JPY was heavily bid to start the year, especially in February.
What I’m seeing in the price action and this large corrective structure tells me those JPY longs are unwinding some of their positions. Hence I’m suspecting another move lower and am looking to sell.
The first major resistance zone is between 114.50-86. After that I’m not seeing resistance till the role reversal level around 116.45. Only a daily close above this level would negate my MT bearish bias.
AUDNZD – Breaks Above Major Resistance (daily chart)
Since the RBNZ cut interest rates last week, the Kiwi has been under a lot of pressure. Of particular note from the RBNZ was their concern over weakness in China affecting NZ.
I’m suspecting traders will want to maintain kiwi shorts. Thus AUDNZD is an attractive long for the time being.
Recently the pair broke above the major resistance zone between 1.1010 and 1.1090. Hence I’m looking for pullbacks to get long. Upside I’m targeting the recent spike highs towards 1.1275, then 1.1575 with scope for a potential long term move towards 1.1945.
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