Weekly Price Action Setups & Trade Ideas | Jun 16 – Jun 21

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Chris Capre’s live open price action and ichimoku trades: GBPUSD, NZDJPY, USDJPY, USDNOK, CAC40, VIX

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GBPJPY – Testing Multi-Year Support (Weekly chart)

Price Action Context

After breaking below 140.00, the strong selling continued and the pair is now testing a multi-year support zone at which I think at least a solid ST bounce is likely considering the significance of this support zone.

forex-gbpjpy-key-support-2ndskies

Trending Analysis

If bulls are able to successfully defend this key support, a move back up towards 140 is likely IMO and should 140 fail to stop price, 148 would be the next key resistance to look out for. A failure of this support on the other hand would open up a solid amount of downside with 130 being the first support in line to look out for.

Key Support & Resistance Zones

R: 138.60 – 140.00
S: 135.50 – 137.50

 

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XAUEUR – Broken Above Key Resistance, Potential False Break (Daily chart)

Price Action Context

After a brief rejection at the KSP from February, the precious metal found support at 1 170 and impulsively broke above 1 190, producing a solid bullish close above the resistance.

gold-vs-euro-bullish-trend-2ndskiesforex

Trending Analysis

LT bias is bullish and weak pullbacks towards the broken resistance can present potential buying opportunities. A break and close back below 1 180 would render this a CT FB and initially open up for a move back down to 1 135.

Key Support & Resistance Zones

R: 1 215 – 1 225
S: 1 180 – 1 190

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DAX – Holding Above ST RRL (1h chart)

Price Action Context

After putting in a WT false break at 11 850, which we talked about in our commentary on the 8th of June, price continued trading higher and is currently holding above a ST RRL.

dax-trade-signal-2ndskiesforex

Trending Analysis

LT bullish bias and bulls can look for possible buying opportunities around the ST support level. A break below this ST support would open up for a move lower back into 11 850 which in turn also could present potential buying opportunities IMO.

Key Support & Resistance Zones

R: 12 173 – 12 225
S: 12 045 – 12 080

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