Weekly Price Action Setups & Trade Ideas | Jun 23 – Jun 28

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

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EURJPY – Pulling Back Towards Key Resistance (Daily chart)

Price Action Context

Since breaking through the key support zone in early May, the zone has been tested twice as resistance, strongly rejecting higher prices, indicating that bears are willing to protect this area. After finding support around 121 a second time, another move back up towards the resistance seems likely at the moment IMO.

forex-eurjpy-pullback-setup-2ndskiesforex

Trending Analysis

Bearish bias and ST pullbacks into the key resistance can offer potential trading opportunities to bears.

Key Support & Resistance Zones

R: 123.00 – 123.90
S: 117.70 – 118.60

Stay tuned to the members market commentary for updates.

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FTSE 100 – MT Corrective Structure After Bullish Trend Reversal (Daily chart)

Price Action Context

After putting in a false break around ~6 900 in Dec/Jan, the MT trend reversed and turned bullish, followed by a MT corrective structure forming over the last months in which the index currently is trading.

ftse-100-trade-setup-2ndskiesforex

Trending Analysis

MT bullish bias and possible pullbacks towards the CS support can offer potential buying opportunities to bulls.

Key Support & Resistance Zones

R: 7 460 – 7 530
S: 7 040 – 7 150

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GBPCHF – Testing LT Key Support (Daily chart)

Price Action Context

In only roughly 2 months, the highly imbalanced, bearish move that started after a double top at a LT resistance in early May, has taken the pair ~950 pips lower and price is now testing a LT key support zone.

gbpchf-key-support-zone-2ndskiesforex

Trending Analysis

LT bias is mostly neutral, rendering the current price location an attractive area for potential longs with the closest key resistance starting to come in at 1.2850. A strong break and close below this key support would open up for a bearish continuation towards the weekly key support starting to come in at around 1.2300.

Key Support & Resistance Zones

R: 1.2850 – 1.2950
S: 1.2380 – 1.2475

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