Weekly Price Action Setups & Key Levels | Mar 19-24
My Current Active Open Trades: AUDUSD, AUDNZD, USDRUB, GBPNZD, XAUTHB
Tesla – Key Resistance Holds First Test, Bearish While Below (4hr chart)
Last week in our weekly market commentary, we talked about Tesla and how we have an overall bearish view while below the key levels 265 and 255. While 255 folded, the 265 key resistance level has held its first test.
I’m going to maintain my ST bearish bias while below the 265 level on a daily closing basis. If it holds, then we’ll likely see another move back down to test the 245/242 support zone. If it folds, then we’ll likely see a move up towards the multi-year resistance near 286 where I’d be happy to short the stock again.
USDRUB – With Trend False Break Setup In Profit (4hr chart)
As I’ve talked about in prior commentaries, I’ve been bearish on the USDRUB for the last few months. The pair recently formed a CT corrective pullback structure which led to a with trend false break setup after breaking back below the key resistance levels between 59.09 and 58.62.
I’m short this pair and traded it exactly the way I teach you in the Advanced Price Action Course which you can see below the trade.
For now, I’m expecting the price action to re-test the Feb lows around 56.65 before bears take profit and we likely see a mild bounce. As long as we’re below 58.62 and 59.60 on a daily closing basis, I’ll keep a ST & MT bearish bias.
If the Feb lows break, then we could be seeing a much larger move down towards 55 and perhaps 50 long term.
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