Weekly Price Action Setups & Key Levels | May 28-Jun 2
My Current Active Open Trades: AUDUSD, NZDJPY, EURJPY, EURGBP, EURNOK, EURPLN, USDMXN, XAUTHB, AX_UN, ANZ, BMO, CUF_UN, RY
AUDJPY – MT Corrective Structure Above Key S/R Zone (4hr chart)
After the 550+ pip sell off that started back in March, price has stabilized within a MT, 300+ pip corrective structure between 84.50 and 81.50/82.00.
For now, with the strong rejections we see on both sides, this structure is what we should be looking to trade until it breaks, meaning selling towards the structure highs and buying towards the structure lows.
81.50-82.00 is a Major S/R zone which price multiple times has reacted heavily too since end of 2015. Only a daily close above 84.50 or below 81.50 would negate this structure.
EUR/GBP – Once Again Approaching Major Resistance Zone (Daily chart)
After being rejected for the 4th time at the support zone between 83.00-83.50 since July last year, price is once again approaching the Major Resistance Zone between 88.50-89.00.
Considering the price action context and last strong reaction from the zone, we should be expecting a decent reaction if price makes it there again. If the key resistance level holds, the first support that would be attacked by the bears is 86.50/86.75, followed by 85.00.
However, if we get a daily close above the resistance zone 88.50-89.00, we most likely will see a move towards 90.00.
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