Weekly Price Action Setups & Trade Ideas | Aug 4 – Aug 9

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

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EURUSD – Broken Below MT Support (Daily chart)

Price Action Context

After bulls got rejected around 1.14 in the end of June sellers re-took control and EURUSD has now broken below a key support zone and produced a new lower low MT, opening up for a likely continuation lower towards 1.09 if bears are able to stay in control.

EURUSD_Broken_Below_MT_Support

Trending Analysis

Bias is bearish and the current pullback into the broken support which now should act as resistance can be of potential interest to bears looking to short the pair.

Key Support & Resistance Zones

R: 1.1100 – 1.1150

S: 1.0800 – 1.0900

Stay tuned to our members private trade setups channel for updates.

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ASX – Testing Major Resistance & ATH (Monthly chart)

Price Action Context

Australia’s index is now testing the ATH resistance zone from the pre-financial crisis high back in 2007, something we highlighted as a possibility in our top trade ideas for 2019 video.

ASX_Testing_Major_Resistance__ATH

Trending Analysis

LT bias is bullish, but considering the significance of this ATH, at a minimum, a solid bearish ST rejection from this key resistance is very likely IMO, which can present potential shorting opportunities to bears. A LT break and close above 6880 would open up further upside for the index.

Key Support & Resistance Zones

R: 6780 – 6880

S: 6330 – 6450

You can trade the ASX200 index via our preferred trading broker here.

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XAUUSD – MT With-Trend Corrective Structure Above LT Key Support (4h chart)

Price Action Context

Mid-June, the precious metal successfully cleared the multi-year resistance we’ve mentioned in our recent member market commentaries, opening up further upside. Since, price has produced a MT with-trend corrective structure which for now seems to be holding.

XAUUSD_MT_Corrective_Structure_Above_LT_Key_Support

Trending Analysis

LT bias is bullish and bulls can look for potential trading locations on pullbacks towards the CS bottom and LT key support.

Key Support & Resistance Zones

R: 1 437 – 1 453

S: 1 360 – 1 392 (LT Support)

You can trade spot gold via our preferred trading broker here.

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