Weekly Price Action Setups & Trade Ideas | Jun 30 – Jul 5

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Chris Capre’s live open price action and ichimoku trades: GBPUSD, EURUSD, USDMXN, SUI20, EU50, VIX

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EURGBP – Bull Trend Showing Signs of Slowing Down (4h chart)

Price Action Context

The strong bull trend that started in the beginning of May has been losing momentum in the last weeks whilst closing in on an area of LT resistance. Should bears launch another ST attack on this pair, the first support to look out for would be ~0.8875 from which we saw a strong bullish rejection between the 19-21 of June.

forex-eurgbp-pullback-setup-2ndskies

Trending Analysis

MT/ST bias is bullish and buyers can look for potential trading opportunities on pullbacks to areas of key support with the first coming in at ~0.8875 and ~0.8840 being next in line.

Key Support & Resistance Zones

R: 0.8970 – 0.8990
S: 0.8870 – 0.8890

Stay tuned with our members market commentary for updates.

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GBPJPY – Testing ST Resistance (1h chart)

Price Action Context

After a heavily imbalanced bear trend that started in early May, the price action has formed a large corrective structure below two areas of ST key resistance.

forex-gbpjpy-resistance-level-2ndskies

Trending Analysis

LT, MT & ST bias are bearish and bears can look for potential trading opportunities around areas of key resistance. If the closest ST resistance should fold, 138.20 would be next in line.

Key Support & Resistance Zones

R: 137.10 – 137.33
S: 135.38 – 135.80

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WTI – Pulling Back Towards Key Support (4h chart)

Price Action Context

After finding strong support at 51.00 and putting in a ST double bottom, oil surged to almost 60.00 in 1,5 weeks, breaking through two ST resistances in the process.

wti-oil-support-and-resistance-2ndskiesforex

Trending Analysis

The break back above the key support zone around 55.75 changed our bias to bullish and weak pullbacks into areas of key support can offer potential trading locations to bulls. A strong break and close below 56.60 would put 55.75 back into focus.

Key Support & Resistance Zones

R: 59.60 – 60.70
S: 56.60 – 57.50

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