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.

Possible Exhaustion Into Major Resistance NZDCHF 2ndSkiesForex

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.

Corrective Structure In Volatile Bear Trend EURCAD 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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