Weekly Price Action Setups & Key Levels | Mar 4-9

Verified Profitable Trader



USDRUB – False Break At RRL (4hr chart)
As we’ve talked about in prior commentaries, I’ve been bearish on the USDRUB and have already profited from one short trade. The pair recently formed a corrective pullback right into the key RRL we talked about around 59.

Since then, the pair formed a false break and has since broken back below this key RRL. The price action context + RRL + false break suggests the pair is trying to make an attack on the yearly lows.

A break here suggests a much deeper move towards 55, 53 and perhaps 50. In the meantime, I’m staying bearish till we have a daily close above 60.

usdrub false break at role reversal level 2ndskiesforex

AUDNZD – Attempting To Stabilize Above Key RRL (daily chart)
I’ve been bullish on the AUDNZD for some time and the trade is really starting to play out now. Currently the pair has closed bullish 16 of the last 24 days. Last week it broke above the key resistance level (now support) around 1.0745.

If the pair can stabilize above here, there is upside scope for a move towards 1.10, and perhaps up towards 1.12 and 1.14.

If however this support level folds and we get a daily close below 1.06, then we’ll likely see a more neutral/range structure with 1.0350/1.04 being the next place of support for MT and LT bulls.

audnzd role reversal level 2ndskiesforex

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