Weekly Price Action Setups & Key Levels | Nov 13-18
My current active open positions: AUDUSD (spot + option), Silver
GBPJPY – Looking to buy on a pullback (daily chart)
Gaining 6 of the last 7 days, the GBPJPY has taken out a key role reversal level around 129 that acted as a major support 2x and then resistance. This breaking of the key role reversal level suggests a ST structural change in the price action, hence ST I’m looking to get long.
Upside I’d look to target 134 and 140. I’ll keep this bias while above 126 on a daily closing basis.
AUDUSD – Reverses From Major Resistance Zone As Suggested (daily chart)
As we’ve talked about in prior market commentaries, we felt the AUDUSD would likely sell off from the key resistance zone between 7750 and 78. As you can see from the chart below, this is exactly what happened with the pair dropping almost +250 pips since.
Congrats to the 2ndskies members who profited from this trade setup as the pair has touched the projected 76 and almost nailed the 75 targets.
For now any pullbacks into this zone are IMO potential trade opportunities to sell.
Downside there is long term scope for a move towards 72 while the key resistance zone holds. Only a break above the zone will change my MT structural bias.
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