Weekly Price Action Setups & Trade Ideas | Jul 7 – Jul 12

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Chris Capre’s current live open price action and ichimoku trades: GBPUSD, SBER, SUI20, VIX

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AUDUSD – Testing LT Resistance (Daily chart)

Price Action Context

Price is now back at the LT resistance zone, testing it a second time after breaking below the S/R zone back in May. For now, the resistance seems to be well defended with another strong bearish rejection ending last trading week.

AUDUSD_Testing_LT_Resistance

Trending Analysis

LT bias is bearish and sellers and look for shorting opportunities around the LT resistance.

Key Support & Resistance Zones

R: 0.7000 – 0.7070

S: 0.6830 – 0.6865

Stay tuned to our members market commentary for updates.

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S&P500 – Key Resistance Broken, New ATH (Daily chart)

Price Action Context

After holding for roughly 10 months, last week bulls successfully cleared the LT key resistance zone and produced a new all time high in the process.

SP_500_Key_Resistance_Broken_New_ATH

Trending Analysis

Bullish bias and bulls can look for potential trading locations on weak pullbacks towards the broken resistance which now should act as resistance.

Key Support & Resistance Zones

R: Round numbers on the way up

S: 2 932 – 2 964

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XAUEUR – Attempting To Clear Major LT Resistance (Weekly chart)

Price Action Context

Bulls made another strong push last week, trying to clear the major LT resistance, but got pushed back and the week ended with a close right at the upper end of the zone.

XAUEUR_Attempting_To_Clear_Major_LT_Resistance

Trending Analysis

LT bias is bullish and should bulls successfully clear this resistance zone, ~1360 would be next in line. If bears on the other hand are able to defend this resistance successfully, initially a move back town towards 1 190 and potentially even 1 070 in extension is likely IMO.

Key Support & Resistance Zones

R: 1 215 – 1 245

S: 1 053 – 1 070

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