Weekly Price Action Setups & Key Levels | May 22-27

Verified Profitable Trader

NOTE – I currently have positions in: AUDUSD (spot + 1 option), USDCAD, USDSGD, GBPUSD, TRYZAR, CADJPY, CHFSEK, EURJPY (spot + 1 option), GBPJPY, XAUEUR, & TSLA.

USDSGD – Base + Reversal in Play, ST Bias is Bullish (daily chart)
Gaining 10 of the last 15 days, the $USD has been gaining ground lately vs. many Asian currencies, including the Singapore Dollar. The price action for April was mostly bottoming + basing with the bids absorbing the offers 3-4 attempts to make new lows.

The 10 out of 15 buying days is evidence they (bulls) have control ST.

There is a clear ST role reversal level around 1.3725. That + the price action remaining steadily above the 20 EMA should offer supportive measure in the coming days. Hence my bias is bullish ST.

Upside we have resistance at 1.3870, but after that, there isn’t much till north of 1.40. Only a daily close below 1.36 would negate my bullish bias ST.

usdsgd price action 2ndskiesforex

TSLA (Tesla) – Large 3P Inside Range Structure (daily chart)
For most of the last 3 years, TSLA (Tesla) has been in a large range & corrective structure between 177 and 287 with only two months outside that range.

For now, I’m MT bearish on TSLA but ST bullish since the 205 level held and looks to push back on the aggressive selling. One of the key areas for bears to short is around the 235-240 zone as that held as resistance for Q4 last year along with being an RRL this year.

Only a daily close above 250 would negate my MT bearish bias. Downside bears would look to target 205 and 150 (Feb spike lows)

tesla price action 2ndskiesforex

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