Weekly Price Action Setups & Key Levels | Sep 11-16

Verified Profitable Trader

My current active open trades: XAGUSD & AUDUSD (option)

Silver – Breaks Back Below Support, Key Level Up Next (daily chart)
After surging the last two weeks almost 12%, the price action in silver has turned ST bearish as the metal sold off the last 3 days with the heaviest selling on Friday.

Currently the PM is sitting below the 19.25 support, just around the 19 handle. The next key support is 18.46 which is a major structural support and KSP.

For now, bulls will need to defend this as there is the potential for this latest drop to be forming a corrective channel (see chart below).

Below 17.50, then we’ll likely see major unwinding of MT longs.

Check the members commentary for updates on how I’m trading this.

silver price action

AUDNZD – Approaching Major Long Term Support (weekly chart)
Selling off for the last 5 weeks in a row, the AUDNZD has fallen back below the role reversal level in 1.0525 currently parked around 1.0250.

Technically what is most important is the multi-year support level around the ‘big figure’ at 1.0025. I’m expecting bears to take profits while some bulls + option players to defend this level, so potentially a decent bounce coming.

Structurally I’m neutral to bearish but am open to taking a long down lower. Bounces off the key support would likely test 1.03 and potentially 1.05. Meanwhile a weekly break and close below with either setup a potential role reversal trade or false break.

audnzd price action trading 2ndskiesforex

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