Weekly Price Action Setups & Key Levels | Jan 28 – Feb 2
Chris Capre’s current live price action trades: AUDCAD, EURUSD, REMX, BIR, FXo EURJPY
NOTE: See how I made over +500 pips (+5R) using a simple trading strategy.
NZDUSD – Strong Attack On Major Resistance (Weekly chart)
Seven consecutive weeks of strong buying has taken the kiwi all the way back up to the major long term resistance zone (0.7340-0.7430).
The buying has been very consistent, showing a strong bullish imbalance in the order flow which likely will take some serious effort from the bears to stop or reverse.
If the resistance holds, there’s a good chance we’ll initially see a move back down IMO towards 0.72, whilst a strong break and close above the zone would put 0.7650 into focus.
Keep up with the members trade setups commentary for updates.
USDMXN – Testing LT Key Support (Daily chart)
After producing a new higher high ending 2017, the USDMXN has since sold off 14000+ pips and has now arrived at the LT key support zone coming in at 18.30-18.50.
NOTE: Shorting USDMXN was one of our top trade ideas for 2018, with this trade being specifically shared with our members. Those members who traded this should be in a massive profit by now, so congrats to you on this one.
The support zone between 18.30 and 18.50 will likely attract some bulls, whilst bears short from the December highs likely will book some profits. To the upside, first solid resistance is coming in @ 19.20, followed by 19.90. Meanwhile a break lower targets 17.95 and 17.60
Check back with the members market commentary for updates on this one.
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