Forex Trading Commentary 10.11
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AUDUSD - Bullish Above Key Role Reversal Level (Daily Chart)
For the first time in several years, the AUDUSD has closed bullish 8 days in a row. In the process the Aussie cleared the key role reversal level at 7270 which we talked about as most likely last week in the members commentary.
We are bullish ST while above this key role reversal level (RRL) at 7270 and am expecting an attack on the next layer of resistance around 7387. Watch for pullbacks towards 7270 down to about 72 for potential longs. Only a daily close under the 72 handle would negate my ST bullish bias.
USDJPY - Range Structure In Play, Looking to Sell (4hr chart)
While our buy off the range support around 118.70 recently has profited heavy, we are still in favor of playing both sides of the range structure. There is a resistance zone between 121.15 - 121.75 so bears should be looking for short opportunities there.
Only a daily close above 122 negates my range bias. Downside look to target 119.75 and 118.90.
Oil - Bullish Breakout, Key Resistance Ahead (4hr chart)
As we talked about in the members commentary, we suspected a breakout was coming for WTI Oil. The continual formation of higher highs and stable holding of the range support (blue box below) hinted at this ahead of time.
To end last week, we got the breakout with even an opportunity to get long on a pullback into the 48.60 - 47.45 support zone holding. For now, I'm staying bullish while above the 47 handle. Upside we have 50 and 50.81 as resistance.
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