Weekly Price Action Setups & Key Levels | Jan 2-5
Chris Capre’s Current Live Price Action Trades: EURUSD, EURCHF, CHFJPY, EURNOK, TRP, REMX, FXo EURJPY, FXo EURPLN
NOTE: Make sure to check out Chris Capre’s Forex Trading Results for 2017 and see how much he profited last year.
AUDUSD – Back Above LT Key S/R Zone, Bullish Bias (Daily chart)
Mid December bulls pushed the AUDUSD back above 0.7700-0.7750 which is a long term support zone. Weak pullbacks into the support zone can present bulls with potential long trades as I think a bullish continuation from here is very likely.
A close back below 0.7700 would again put more technical bearish pressure on the pair and change my bias to bearish again with closest support waiting around 0.7500 while the bulls will be looking to target 8000 and 8100.
Keep up with my price action members commentary during the week.
USDCAD – MT Corrective Structure Failed (Daily chart)
The corrective structure we mentioned in our Tuesday commentary failed to hold as price closed strong below 1.2675.
IMO it’s very likely we’ll now see a move back down to the closest support level ~1.2450.
A daily close below 1.24 would change my bias to bearish and put 1.21 into focus, whilst a break and close back above 1.27 would justify a change towards a more bullish bias again IMO.
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