Weekly Price Action Setups & Key Levels | May 29 – Jun 3
NOTE – I currently active trades in the following instruments: TSLA, AUDUSD, USDCAD, USDSGD, GBPUSD, CHFSEK, CADJPY, XAUEUR, USDMXN, 2 vanilla options (EURJPY & AUDUSD), and VXZ.
AUDUSD – ST Corrective Structure in Play, Am Holding My Short Trade (4hr chart)
Since the 17th of May, the AUDUSD price action has been in a corrective structure at the bottom of the range between 7240 and 7150. The maintaining of the corrective structure maintains the bearish bias that’s been in play for weeks now.
I’m currently short (via a vanilla option and a spot trade) and am holding my shorts as I’m suspecting any rallies will be sold up to the 74 handle. Downside I’m expecting a move towards 7050 with a potential break of here + 7000 targeting the 68 handle.
Only a daily close above 7400 would negate my bearish bias ST and MT.
USDSGD – Key Support Zone Holds, Staying Bullish (4hr chart)
As we talked about in our last weekly market commentary, we are bullish and am expecting bulls to remain in control. After a brief pullback, the USDSGD found a strong bid in the key support zone between 1.3720 and 1.3760 forming an impulsive bounce to regain the 3800 handle.
I’m keeping my bullish bias and looking for the May highs around 1.3840 to be broken and add more bullish risk into the fold. Above here, the next upside target would be the big figure at 1.40. Only a daily close below 1.3640 would negate my bullish bias on a MT and ST basis.
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