Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. 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 18 years 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.
Weekly Price Action Setups & Key Levels | Dec 11-16
My current active open positions: EURUSD, EURGBP, AUDCAD, AUDNZD, AUDUSD
NOTE TO MEMBERS: Don’t forget to check out my latest live price action trade video on the EURUSD for +300 pips on a 40 pip stop.
ASX 200 – Sitting Just Below Key Resistance Zone (daily chart)
Posting an impressive 10% gain over the last month, the ASX 200 has gained 5 days straight. Currently the major index is sitting just below a key resistance zone between 5568 and 5612. This zone has held for the last 5+ months and I’m expecting some profit taking from bulls here.
Overall the bullish case continues to build with the price action structure continually building higher. I’m leaning towards a breakout (if it can muster it before the end of year). Hence I’ll look to play both sides with the zone holding ST, but MT a likely break which will open up the topside putting 5737 as the next major resistance area.
AUDNZD – Attempting to Form A Base Near All Time Lows (daily chart)
Consistently losing ground over the last 1-2 mos, the AUDNZD is attempting to form a base near the all time lows around the 1.02 handle. Thus far we’ve had about 4 rejections off this level in the last 6 weeks with each rejection getting smaller.
What is interesting is the 4hr chart showing a potential false break setup around the 1.04 handle. The pair will need to clear 1.05 on a daily closing basis to really stabilize the false break.
For now bulls can potentially play this false break or wait for a move lower towards the all time lows.
Only a daily close above 1.05 will bolster the base being formed. Meanwhile a daily close below the all time lows puts more technical bearish pressure on the pair.
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