Weekly Price Action Setups & Key Levels | Aug 28 – Sep 2

My current active open trades: XAGUSD & AUDUSD (option)

Silver – Sitting on Key Support MT (daily chart)
After breaking below the two month support around 19.25 last week, which we suggested was most probable, silver has mostly sold off, now currently parked on a major support level MT near 18.45.

The 18.45 was a key structural support and resistance going back 2013 (support) and 2014 (resistance), thus making it a role reversal level.

Hence I think there will be some bids parked here and will attempt to produce a bounce.

If this level holds, then 19.25 becomes the first resistance, and clearing this puts 21 back into context.

However, if this level folds, then the next support isn’t coming in till about 17.55.

Check in with the members commentary for updates on potential trade setups.

silver price action analysis 2ndskiesforex

NZDUSD – False Break Above Key Resistance (daily chart)
After building for the last month and a half, the Kiwi had a brief pop above the key resistance level at 7312 before selling off aggressively post Jackson Hole meeting on Friday.

While the USD broadly gained from the announcement, the overall structure is still trying to build higher for an upside breakout.

Hence there are two scenarios in trading this pair. Bulls can wait for a BOPB setup above 7312 while bears will watch the price action here to get short.

A daily close above will put 7536 into focus while strong impulsive selling will target 7200 and 7000.

nzdusd 2ndskiesforex

Sberbank ($SBER) – Pre-Breakout Formation, Looking to Buy (daily chart)
Like the MICEX and many major Russian stocks this year, Sberbank has been continually building to the upside this year climbing over 100% in value since Jan this year.

Gaining 2 out of the last 3 days since early June, the Russian bank looks set for an upside breakout, hence I’m looking to buy either on an RRL setup or a dip back into support.

A weekly close above the key resistance level near 9.39 would shift focus towards 10.75 and 12.99.

Only a weekly close below 8.0 would negate my bullish bias MT.

sber price action 2ndskiesforex

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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.

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  • Traderlars

    Hi Chris,
    I was waiting for you to comment on going short on the GBP.USD today,from your comments on the pair last monday. I went short @1.3270 after the 50 SMA (which I keep along the 200 SMA for S&P) held as resistance. Price as per writing at 03:35 a.m.EST just beneath the 20EMA @ 1.3105, my target at the bottom, as you pointed out. No other method then going short below resistance and price aligned with Wednesday high and a tad above Thursday high in the last series of top no.4
    Price action now shoving a small doji on the daily..

    • Hello Lars,

      I don’t really use the 200 SMA, nor do I pay attention to ‘dojis’.

      But my view hasn’t changed since the last time I posted on the GBPUSD, so wouldn’t be shorting here, and likely waiting for a move higher up.

      Kind Regards,
      Chris

      • Traderlars

        I closed the GBPUSD short for a 200 pips gain…
        this morning at 02:17 a.m.EST. I’ll wait to join u for a new short
        higher up unless it turn bullish…