Weekly Price Action Setups & Key Levels (Xmas Edition) | Dec 25-30

​My current active open positions: Hang Seng 50, AUDNZD, AUDCAD, AUDUSD

NOTE: The markets are closed today due to the xmas holiday (Happy Xmas!). Below is a picture of my girlfriend and I on the mountain slopes (working on our snowboarding chops).

merry xmas from 2ndskiesforex

I’m doing my weekly commentary today so you can get a jump on the week (and so I can hit the slopes again tomorrow ;-))

Generally the markets are quiet in a week like this and liquidity pretty low with banks having their c-teams on deck, so markets could have poor pricing/fills, hence trade and risk accordingly.

Also I have a holiday/new-year video coming out shortly so stay tuned.

EURUSD – Bearish While Below Key RRL (daily chart)
Breaking through the major support level around 1.05 as we’ve talked about in prior commentaries, the Euro has mostly trotted in place between 1.05 and the yearly low of 1.0345. For now, I’m keeping a bearish bias while below the 1.0515 – 1.06 area on a daily closing basis.

If this area can hold, and impulsive price action to the downside resumes, the first attack will be on the yearly lows. A break here would put pressure on a move towards parity which many fx desks and option players are calling for in 2017.

eurusd price action 2ndskiesforex

Hang Seng 50 – Bearish and Breaking Down, Now Below Key RRL (daily chart)
Selling off 9 of the last 13 days, the Hang Seng 50 has just broken below a key support level around 21679 (now parked around 21500). I’m bearish on this index while below 22K on a daily closing basis.

While there may be some swing support coming up around 21410, a break here opens up a lot more downside with potential scope to hit 20K and perhaps 19.5K.

Only clearing back above 22K would negate my ST & MT bearish bias.

hang seng 50 index 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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