Weekly Price Action Setups & Key Levels | Mar 23-28

EURUSD – Inverted Pin Bar off Dynamic Resistance
After failing to find new buyers sub 1.4000, the Euro sold off heavily to end last week. Last week we wrote about selling on a pullback below the key ‘role reversal level around 1.3820. After pulling back into this level, the pair formed an inverted pin bar.

If this level holds, the pair should test 1.3750 and 1.3700 in the next 48 hours, with a possible larger move down to 1.3500. A daily close above this will change our short term bearish bias.

eu daily market commentary

NZDUSD – Barely Holding Key Support
After breaking above the several month resistance of 8520, the pair has come back to really test the bulls at this level. After bouncing off it mid last week, it formed an inverted pin bar, which is a failed attempt to rally. If the pair closes below 8520, then expect the daily 20ema up next (~8475), and then a move down to 8400.

Watch for intra-day price action clues whether it will hold, but short term, looks like it wants to break down, so will look to sell below 8520, should it hold below on the daily chart.

NU daily market commentary

Nikkei 225 – Continues to Weaken
One of the weak links in the global indices, the Nikkei continues to weaken. The structure currently resembles a head and shoulders pattern, and each bounce seems to get sold off aggressively (*although the highs gain ever so slightly).

Short term, the Japanese index may be exhausted, so will expect a minor bounce here. I’ll look to sell on rallies towards 15,000 and 15375. Downside support comes in at the obtuse rising trend-line (~14225) and 13200.

Nikkei Daily Market Commentary

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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.

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  • Chuks

    Seems you are taking that bar isolation. The action is right atop a support layer and looks more consistent with a three bar inside set up: Inside bar set up, which suggests bulls are converging there again. I personally expect this pair to be reaching for between 1.4250 and 1.4320 in coming sessions. As such, I am buying at 1.3795 with stop at 1.3739

    • Chris Capre

      Hello Chuks,

      You seem to be mistaken about a few things. Such as;
      1) I never take a bar in isolation perspective when reading or trading price action. I always start with reading the price action context first. So you are confused here.
      2) Along with that, the pair has hit your stop, never even coming close to the levels you mentioned in the ‘coming sessions’
      3) This is not a site for you to argue your point of view about trading here.

      You are welcome to get your own site and platform for that, but your argumentative comments are disrespectful to the site and community here, so you will be banned from this point on.

      Kind Regards,
      Chris Capre

  • If capital flows are moving out of the Nikkei Index, does that not mean that these funds are theoretically flowing into the JPY in the main? ie will the JPY strengthen on the back of the Nikkei weakening?