Weekly Price Action Setups & Trade Ideas | Mar 10 – Mar 15

Verified Profitable Trader

Chris current open positions: EURUSD, GBPUSD, USDMXN, BIR, TLS*


EURUSD – Broken Below LT Key Support, Potential False Break (Daily chart)

Price Action Context

After 4+ months of consolidating/ranging between roughly 1.13-1.15, on Thursday, bears managed to break through and close below the LT support, opening up for a potential continuation lower, which would be in line with our LT bias and context that we talked about in this market commentary. A break back above this key S/R zone would put 1.15 back onto the radar.

Trending Analysis

LT bias is bearish and bears can look for potential trading opportunities on weak pullbacks into the broken support which now should act as resistance.

Key Support & Resistance Zones

R: 1.1230 – 1.1300
S: 1.0910 – 1.0830


EURGBP – Testing Broken Support As Resistance (Daily chart)

Price Action Context

After clearing the LT key support of the LCS on the 26th of February, bears have managed to stay in control and price has been trading collectively below the S/R zone for roughly a week now.

Trending Analysis

LT bias is bearish and the current pullback into the S/R zone which now should act as resistance, can offer potential shorting opportunities.

Key Support & Resistance Zones

R: 0.8615 – 0.8700
S: 0.8250 – 0.8350


AUDNZD – Testing Multi-Year Support (Weekly chart)

Price Action Context

The pair has been ranging within a large multi-year corrective structure since 2014. Price is now testing the bottom of this LCS which has held and produced multiple strong rejections since the false break in 2015.

Trending Analysis

LT bias is more or less neutral and if this key support holds, a move back up towards the top of the structure is likely. A failure of this support on the other hand would open up for a move down towards the lows of the 2015 FB (parity).

Key Support & Resistance Zones

R: 1.1250 – 1.1430
S: 1.0240 – 1.0440


HK50 – Testing LT Resistance (Weekly chart)

Price Action Context

As already highlighted in our daily trade ideas during the week, the Hang Seng index is currently testing a LT key S/R zone as resistance. Towards the end of the week, bearish order flow increased, showing as strong impulsive selling on the LTF’s, ending the strong non-volatile MT bull trend that started in the beginning of January.

Trending Analysis

LT bias is bearish and if this LT S/R zone holds as resistance, we can expect a move back down towards 24 400 – 25 400, whilst a break and close above 29 350 would open up for a potential move back up towards 31 600.

Key Support & Resistance Zones

R: 28 200 – 29 350
S: 24 400 – 25 400


WTI – With-Trend False Break (4h chart)

Price Action Context

After breaking above the LT key S/R zone we talked about in this market commentary, price has been hovering above the LT support and created a well-defined MT support, at which we saw a with-trend false break on Friday as bears were unable break through and hold price below the MT support.

Trending Analysis

LT & MT bias bullish and this WT FB at the MT support, in confluence with the LT support can present a possible trading opportunity for bulls looking to go long.

Key Support & Resistance Zones

R: 55.00 – 55.75
S: 57.40 – 57.85

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