Weekly Price Action Setups & Key Levels | Nov 12 – Nov 17
Chris Capre’s Current Active Open Trades: USDCHF, EURCHF, CHFJPY, EURRUB, AUDCAD, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN
ASX 200 – First Weekly Close Above 6000 Since January 2008 (Weekly chart)
After being confined within a tight LT range for 20+ weeks this year, the bulls emerged as winners from this battle as we had our first weekly close above this price level (since Jan. 2008).
If the price action stabilizes above this level, weak pullbacks can provide bulls potential with-trend trading opportunities, with next resistances waiting at 6150 and 6350 in extension.
If on the other hand we see a fast move back below the level we’re most likely looking at a false break.
Stay tuned for to the members market commentary for ongoing updates.
AUDCAD – ST Trade In Profit, Sitting @ MT Support (4H chart)
The ST price action structure in our last members market commentary played out as expected with another impulsive leg down. Congratulations to the members that were able to catch this intra-day trade as you should be in good profit by now.
Price has now arrived at 0.97 which is a MT key support. A daily break and close below this level will likely open up for fresh technical selling with support coming in at 0.9640 and 0.9500. If the bulls on the other hand are able to defend this level, it’s likely we’ll see a move back up towards the top of the MT corrective structure again.
Keep an eye out for our member commentary for updates.
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