Weekly Price Action Setups & Key Levels | Jul 30 – Aug 4
My Current Active Open Trades: AUDUSD, AUDCHF, CHFJPY, EURGBP, USDJPY, CADJPY, AX_UN, CUF_UN, CSE, FTS, SBER, TRP, XIV, FXo EURJPY, FXo EURPLN
NZD/CHF – Closing In On Major Resistance + Possible Exhaustion (Weekly chart)
Gaining more than 250 pips in only 4 days, the NZD/CHF is now closing in on a major resistance zone between 0.7285 and 0.7320.
This fact + a possible ST exhaustion move gives an attractive play for bears.
If the resistance holds, likely bearish targets are located @ 0.7060 and 0.6960
Meanwhile the zone folding would put 0.7450 back on the radar for the bulls and could create a BOPB setup.
EUR/CAD – CT Corrective Move Within Unclean Volatile Trend (4h chart)
MT this pair has been in a MT, rather unclean volatile trend since the beginning of June and cleared a key S/R zone with a strong impulsive move on the 12th of July.
Considering the unclean nature of the trend we should expect a deeper retracement into the previous structure before seeing a possible trend continuation in line with the HTF price action context.
As it is right now we can clearly see the bearish impulsive move clearing the S/R zone followed by a counter trend corrective structure pulling back towards the zone, trading through the minor S/R level in its way.
Weak pullbacks into the key resistance zone (1.4725-1.4765) can provide good possible shorting opportunities for bears interested in this pair.
To the downside supports are waiting at 1.4500 and 1.4350.
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