Weekly Price Action Setups & Trade Ideas | Jun 25-30
Chris Capre’s current live open trades: EURGBP, EURCHF, GBPCHF, CADJPY, BIR, PLUS, TLS
NZDUSD – Testing LT Key Support (Weekly chart)
After an initial bounce from the key support zone (0.6780 – 0.6870) in the middle of May, price is now re-testing the LT support zone a second time.
My LT bias for this pair is neutral which means I’m looking to trade both sides of the market. Thus traders IMO can look to buy the bottom and sell the top of this LT range as long as it holds IMO, targeting the opposite side.
The current price action context can offer bulls such a potential trading opportunity.
A failure of this LT support would open up for technical selling towards 0.6680 initially, possibly followed by 0.6580 & 0.6430.
Stay tuned for the members daily trade ideas for updates.
USDSEK – MT Corrective Structure on Top of Bull Trend (Daily chart)
After a solid bull run from 7.830 back in January to 8.930 in May, the pair is now ‘resting’ within a MT corrective structure.
Pullbacks to the bottom of the structure, or alternatively a breakout pullback setup at the top of the structure can IMO be good opportunities for bulls to get involved in a potential continuation north.
Next resistance above this structure comes in at 9.09 and closest support below this structure, in case it fails, would be 8.525.
Keep up to date with our analysis via the members daily trade ideas.
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