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