Weekly Price Action Setups & Key Levels | Oct 1-6
My Current Active Open Trades: EURNZD, CHFJPY, AX_UN, FTS, TRP, XHB, REMX, CSE, FXo EURJPY, FXo EURPLN
NZDUSD – MT Corrective Structure Within Large Balancing Zone (4 hour chart)
In our market commentary in late Sept., we mentioned that a false break of 0.7330 was one of the potential trade setups for the NZDUSD. After price closed back below 0.7330, we saw a quick re-test of the level and then a bearish continuation to 0.7200 as we suggested.
Congratulations to the members who managed to grab this good trade.
Considering the selling strength and impulsive/corrective move down from 0.7330, ST, the bears seem to be in control and it’s very likely IMO that we’ll see at least a move down towards 0.7150.
A daily break and close below 0.7150 would open the door for more MT bears and a likely bearish continuation towards 0.7050. In case that happens, ST/MT bears could look for possible breakout-pullback scenarios to jump on board of such a move.
GBPCHF – Corrective Structure in Place, Price Action Looking Weak (4h chart)
After 2 consecutive attempts to break through 1.3100, price was not able to stabilize which led to a close back below the level.
Thereafter bulls made 3 more attempts at the level before additional bears stepped in. Hence we now have a solid corrective structure in place between 1.2950 and 1.31.
ST price looks heavy IMO and a break and close below 1.2960 would open up for a move down towards 1.2860, which is a key support level where most likely a bunch of MT bulls will be waiting.
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