Weekly Forex Trade Setups & Key Levels | Aug 2-7

AUDUSD – Pin Bar Rejection At Key Level Holds Again (4hr chart)
Last week we talked about shorting the AUDUSD at the key level and RRL – role reversal level at 7350. As you can see from the chart below, this level has held 3x offering profitable trades each time.

To end last week, the Aussie formed a large pin bar rejection at this key level, only to drop another 50+ pips since. For now, the bearish bias remains while we are below the 7350 level on a daily closing basis.

Hence keep looking for shorts till this gets negated. A break and close below last weeks lows likely means fresh bears should enter the market.


USDCAD – False Break Leads to Heavy Buying (4hr chart)
Also something we covered in the members commentary, the false break in the USDCAD has continued play out with trend resulting in a large bullish surge and attack on the yearly highs at 1.3085.

This is the third attack on the key resistance in the last few weeks. I’m staying bullish while we are above 1.2900 on a daily closing basis, expecting the resistance ahead to fold soon.

Taking this out really opens up some fresh upside of a few hundred pips before bears would likely step back in, so look to stay long or get long while above 1.2900.


Don’t miss my latest article on How the Brain, Comfort Zone & Self-Image Determine Your Profits in Trading {Must Read}

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

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article