Weekly Price Action Setups & Trade Ideas | Apr 1-6
Chris Capre’s current open trades: EURGBP, USDJPY, FXo EURJPY, BIR
NOTE: Check out my verified forex trading results for 2017.
XAUUSD – MCS at Top of Bull Trend (Daily chart)
Gold has been in an uptrend since Q2 last year and has now formed a MT corrective structure at the highs of this trend since January this year. This structure has also formed right below a LT key resistance.
The price action above is corrective at the moment, but a strong bullish breakout of this structure could potentially open up for a move to 1400 which is the next LT resistance to look out for.
For now, pullbacks into the bottom of the corrective structure, can present bulls with potential trade opportunities. A failure of this structure + strong daily close below 1295 would put 1270 back into focus.
Keep up with the members commentary for updates.
EURAUD – Testing Major LT Resistance (Weekly chart)
EURAUD has been in a stable uptrend for over a year and arrived at a major resistance level last week.
Even though we saw a solid reaction from the resistance zone during the week, considering the strong uptrend leading up to the resistance, I don’t think bulls will give up that easily and another deeper penetration into this zone is likely IMO.
A weekly close above 1.6250 would open up for a continuation towards 1.6600 and if that resistance also folds, 1.6900 would be next.
Closest solid support to the downside is found @ 1.5650
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