Weekly Price Action Setups & Key Levels | Sep 3 – 8
My Current Active Open Trades: GBPUSD, NZDUSD, EURNZD, CHFJPY, AX_UN, CUF_UN, CSE, FTS, XHB, SBER, TRP, REMX, XIV, FXo EURJPY, FXo EURPLN
USD/JPY – Key Support Held (Daily chart)
The bottom of the LCS we talked about in last week’s member commentary proved to be well defended as we saw a strong rejection from the support zone on Tuesday.
I’ve seen many of the members were able to take advantage of this move, so well done and congrats to those that did.
To the upside resistance levels are coming in at 110.70 and 111.80 and to the south the support zone between 108.10-108.80 remains. As long as this LCS holds, the boundaries of this structure can provide both camps (bulls/bears) with good trading opportunities IMO.
XAU/USD – Key S/R Broken, Trading Above 1300 (Daily chart)
After the price action produced a breakout structure indicating increased bullish pressure towards 1292, the precious metal broke out to the upside on Monday, clearing both the LT S/R zone we mentioned in earlier commentaries and is now trading above 1300 for the first time since late 2016.
The close above 1300 has most likely attracted more buyers and a move up towards 1340 from this point is very likely IMO. The former key resistance level should now act as support, offering bulls that are not yet on the train potential opportunities to jump on board.
If the bulls manage to push through 1340 as well, 1375 would be next in line. A daily close back below 1290 would once again put 1260 and 1220 back into focus.
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