Weekly Price Action Setups & Key Levels | Jul 9-14
My Current Active Open Trades: EURUSD, NZDUSD, EURPLN, EURNOK, EURGBP, AUDNZD, AX_UN, CUF_UN, CSE, SBER, FXoEURPJPY, FXoEURPLN
GBP/CAD – Successful Breakout of MT Corrective Structure (4h chart)
As mentioned in our members commentary last week, we anticipated the GBP/CAD MT corrective structure to be followed by another impulsive move and it looks as if this move now is manifesting.
There was a first breakout attempt resulting in a false break, but bears did not give up and we ended the last week with a strong bearish move successfully clearing 1.6730.
Next week watch the price action keeping an eye out for weak pullbacks into 1.6730 which could provide traders opportunities to short.
To the downside key support levels come in at 1.6500/6550 is still in play, followed by 1.6200.
A close back above 1.6730 would put the 1.6975 resistance back on the radar.
ITALY 40 (FTSE MIB) – MT Corrective Structure On Top of LT Bull Trend (4h chart)
After being rejected around 16000 in the end of last year, the Italian index has been in a LT bullish trend.
MT, price has traded within a clearly defined corrective structure between 21150 and 20580 for almost five weeks.
Since the LT order flow still is imbalanced towards the bullish side + 20580 being a key RRL level, the bottom of this corrective structure could offer good trade setups for traders looking to join the LT trend.
To the upside the top of the structure at 21150 is the closest resistance, followed by 21650.
On the other hand, if this structure fails and we break through the bottom, next support in line would be 19800.
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