Weekly Price Action Setups & Key Levels | May 14-19
My Current Active Open Positions: AUDUSD, USDNOK, EURPLN, XAUTHB, AX_UN, BMO, RY
GBP/CHF – Testing MT support ahead of major resistance (Daily chart)
Gaining over 800+ pips over the last 2 months, the GBP/CHF has recently broken through a medium term key support level around 1.2850, now acting as support and now is being tested.
If this level holds we’ll likely see a move up towards the major resistance coming in at 1.3100 which can provide good shorting opportunities for LT bears. If 1.3100 does not withstand the bullish pressure, 1.3500 would be next in line.
In case the MT resistance folds on a re-test, next support levels in line would be 1.2600 & 1.2200.
Dax 30 – New all-time high + MT impulsive/corrective sequence (4hr chart)
After clearing 1240, the DAX currently is trading at it’s all time high. MT we can see a very clean sequence of impulsive vs. corrective moves.
As long as this sequence continues, ST/MT bulls can take advantage of this and look to enter on re-tests of the CS’s lows or play the breakouts to the upside.
Since there is no historical price action above current price, finding key resistance levels (and thus targets) is tricky. But since the pair pretty much has been moving in 500 point intervals, we can assume that 1300 & 1350 are solid upside levels to look out for.
To the downside, support is coming in at 1266 (ST) and 1200-1240 (MT).
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