Weekly Price Action Setups & Trade Ideas | Jan 12 – 17

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Chris Capre’s current live open price action & ichimoku trades: CORN, USDMXN, EURRUB, EURMXN, BIG

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Forex Trade Idea: AUDNZD – Looking For Pullback Into Multi-Year Support (daily chart)

Price Action Context

The AUDNZD forex pair just recently tagged a multi-year support zone between 1.0327 and 1.0275, hitting the upper level and bouncing impulsively jumping 90 pips within the last two days.

I’m looking for a pullback into this zone again to get long with a move back up towards the mid 1.06 handle.

audnzd forex trade setup 2ndskies

Trending Analysis

MT neutral while between the 1.02 – 1.08 zone so playing both sides.

Key Support & Resistance Zones

R: 1.0550, 1.0700

S: 1.0327, 1.0275

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Stock Trade Idea: Air Canada (AC) – Strong Bull Trend, Looking to Buy on Pullback (4hr chart)

Price Action Context

One of the more impressive stocks and bull trends as of late, Air Canada has only endured minor pullbacks with small corrective structures before creating another leg higher.

I’m looking to buy on pullback into the prior corrective structure support (blue line/red box) or a potential breakout setup above the recent highs.

air canada trade idea 2ndskiesforex

Trending Analysis

ST & MT bullish so only looking to buy for now.

Key Support & Resistance Levels

R: 51.00, 55.00

S: 47.23, 41.90

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Commodity Trade Idea: WTI Oil – Looking to Buy On Range Support (daily chart)

Price Action Context

After an impressive volatile bull trend starting in Oct last year, WTI Oil found some impulsive selling to start the year, almost tagging the main resistance just north of the 66 handle before dropping over $5 since.

I’m expecting more profit taking and further losses short term, but am looking to buy towards support near the 51 handle.

wti oil trade setup 2ndskies

Trending Analysis

ST bearish but MT neutral to bullish while above 51 on a weekly closing basis.

Key Support & Resistance Levels

R: 63.25, 66.48

S: 51, 42.47

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