Weekly Price Action Setups & Trade Ideas | Aug 5 – Aug 10

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Chris Capre’s current active open trades: EURJPY, AUDNZD, BIR, PLUS, TLS

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NZDUSD – MT Corrective Structure Below LT Resistance (4h chart)

Price Action Context

Price recently broke through LT support level near 6850, which now should act as resistance with price ranging right underneath the LT S/R zone.

nzdusd corrective structure 2ndskiesforex

Trending Analysis

MT bear trend leading into a MT corrective structure. LT/MT bearish and looking to sell on ST strength into MT/LT resistance.

Key Support & Resistance Levels

R: 0.6825 – 0.6860
S: 0.6690 – 0.6725

Stay tuned with the daily members trade ideas for updates.

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ITALY 40 – MT Corrective Structure Above LT Support (Daily chart)

Price Action Context

Strong impulsive selling from 24 500. Price currently trading within a MT corrective structure that’s holding above LT support.

ftse mib italy index 2ndskiesforex

Trending Analysis

Neutral while above LT support, looking to trade both sides of the corrective structure until it’s broken.

Key Support & Resistance Levels

R: 22 230 – 22 500
S: 21 120 – 21 400

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XAUUSD – Arriving @ Multi-Year Support (Weekly chart)

Price Action Context

After being rejected at the multi-year resistance zone ~1350, the precious metal has sold off 150$ and is now at a multi-year support.

gold trade setup 2ndskiesforex

Trending Analysis

Neutral since the price action has been non-directional & ranging since early 2016, thus looking to buy on weakness into the multi-year support.

Key Support & Resistance Levels

R: 1350 – 1375
S:1180 – 1205

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