Weekly Price Action Setups & Key Levels | Nov 20-25
My current active open positions: AUDUSD, AUDNZD
US Copper – Potential Accumulation Before 2nd Attack On Yearly Highs (4hr chart)
Starting the year around $200, copper has been one of the hottest commodities for 2016. The metal hit a yearly high earlier this month just north of $270.
What is interesting is the impulsive selling in the price action just 10 days ago, dropping almost 8% in less than a day. A lot of people have speculated this is the end of the bullish run in the metal. However the price action since then has been forming a ST base around 245/250, almost as if the buyers are accumulating before attacking the yearly highs again.
For now, I’m ST bullish while above 240 on a daily closing basis and am expecting a 2nd attempt on the 270 figure. More impulsive selling from this key resistance level will challenge the bids around 245. Meanwhile a daily close above 270 opens up the topside with potential scope for a trip towards 290+.
USDJPY – Have to Be Bullish On This Run, Looking to Buy (daily chart)
Closing bullish 9 of the last 11 days and rocketing higher since the US presidential election, the pair is now north of 110 and looking comfortable up at these heights. ST this bull run has been a wrecking train for bears clearing through every key resistance level along the way.
For now, I’m looking to buy on a pullback towards the 107 handle with an eventual target of 112 and perhaps 115/116 before bulls take profit.
Only a daily close below 105 would change my ST & MT bullish bias.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book