Weekly Price Action Setups & Key Levels | Mar 27 – Apr 1
USDJPY – Large Corrective Structure + Resistance Approaching (4hr chart)
Since the 8th of Feb, the USDJPY has been banging between 114.85 and the 111 handle with 3 touches on both barriers. What is most interesting is the consistent buying since the 14th, almost as a slow levitation, potentially the beginning of some accumulation.
Regardless, for now I’m maintaining a neutral to bearish bias while we are below 115 on a daily closing basis looking to sell weak rallies. Downside I’d be looking to target 111 with potential scope for a move towards 110.
AUDNZD – Corrective Structure Persists, Bullish Bias While Above 1.10 (4hr chart)
Since the 9th of March, the corrective structure we’ve talked about is marching along between 1.1145 and 1.1290. With NZDUSD still under pressure, I’m expecting the AUDNZD to find higher ground to start the 2nd quarter.
I’m maintaining a bullish price action bias while 1.10 on a daily closing basis. Upside beyond 1.13, there is potential scope for a move up towards the big figure at 1.15.
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