Weekly Price Action Setups & Key Levels | Mar 20-25
EURUSD – Long Term Range In Play, Bearish Bias MT (daily chart)
Gaining 7 of the last 12 days, the EURUSD ST has made an impulsive bull run, adding on about +400 pips in the process. From a long term perspective, the pair has been in a range between 1.05 and 1.15 with one short lived spike & false break above this resistance.
Hence with the long term range in play, I’m keeping a bearish bias MT on the pair and looking to sell into this upcoming resistance zone between 1.1370 and 1.15.
Downside I’d be looking for 1.11 and 1.08 as my targets. Only a daily close above 1.15 negates my range bias MT.
AUDNZD – Pin Bar + Corrective Structure & Key Support (4hr chart)
For the last 9 days, the AUDNZD has been in a pullback structure after the bullish move post the RBNZ rate cut. The corrective price action is suggestive the bulls will have the next major leg up since the bears have yet to really show any strength.
For now I’m expecting another attack on the 1.1282 resistance level and am looking to get long on pullbacks into support. The first zone of support comes between 1.1089 and 1.1020 where a large pin bar formed late last week.
Only a daily close below 1.10 would negate my bullish bias. Beyond 1.1289 resistance doesn’t come till 1.14 and 1.15.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book