Weekly Price Action Setups & Trade Ideas | Aug 11-16

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Chris Capre’s current live open price action and ichimoku trades: AUDNZD, AUDCAD, SLV, AUS200

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EURUSD – CT False Break @ Key Support (Daily chart)

Price Action Context

After sellers failed to produce a bearish continuation after the false break below the key support around 1.11, bulls rushed back in, pushing price back above the MT support.

EURUSD_CT_False_Break__Key_Support

Trending Analysis

LT bias is bearish and sellers can look for potential shorting opportunities on rallies into resistance or a break back below 1.11 whilst aggressive buyers might be interest in potential counter-trend opportunities on weak pullbacks into the MT support.

Key Support & Resistance Zones

R: 1.1430 – 1.1530

S: 1.1100 – 1.1150

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Dow Jones Industrial Average – False Break At LT Resistance (Daily chart)

Price Action Context

After putting in a new ATH in the middle of July, the index did an impulsive sell off back below a LT S/R zone.

Dow_Jones_30_-_False_Break_At_LT_Resistance

Trending Analysis

If bears are able to defend this S/R zone as resistance, a move lower towards 24 300 is likely IMO, whilst a break back above the S/R zone would put the recent ATH back into focus.

Key Support & Resistance Zones

R: 26 550 – 26 950

S: 23 900 – 24 300

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XAGUSD – Running Into Area Of Strong Resistance (Daily chart)

Price Action Context

After an impressive bull run since the end of May that has taken the precious metal from 14.30 to 17.20 within roughly 2 months, Silver has now arrived at a key resistance zone.

XAGUSD_Running_Into_Major_Resistance

Trending Analysis

LT bias is bullish and whilst bulls would want to look for potential trading opportunities on pullbacks into support or a break above the key resistance, aggressive bears might find this key resistance zone to be of interest in terms of possible short-term counter trend shorts.

Key Support & Resistance Zones

R: 17.15 – 17.35

S: 15.90 – 16.20

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