Crude Oil False Break Setup, NZDUSD Trade Update | Jun 3rd

Crude Oil – Still Bullish Bias, Daily 20 ema Rejection
Forming a series of higher lows on the daily charts while holding the upside 104.50/105 resistance, the commodity pulled back to the dynamic support and daily 20 ema, forming an intra-day rejection. Looking at the 4hr chart below, notice how the last bear leg ended with a strong bear close, but was immediately followed by buying pressure.

The support level around 102.60 was ‘recovered‘, suggesting a potential false break.

Our Trade Idea: Look for a corrective pullback into 102.55/30 area to get long from the potential false break setup and move higher. Stops will be below the daily lows, while upside targets will be 104.25 and potentially tagging 104.96.

crude oil

NZDUSD – Role Reversal Trade Hits Full Profit Target
The NZDUSD trade we’ve been talking about in our members commentary has hit its profit target today at 8420 for +95 pips. Congrats to all the members that emailed me their trades profiting from this. For now, I’d like to see if we can get a corrective pullback towards the 8515 level as I’d consider selling from there again.

Our Trade Idea: Waiting on the sidelines, looking for a corrective pullback and possible short entry.


Looking for a tailored learning experience based on your skill level? Check out our customized learning app.

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article