Weekly Price Action Setups & Trade Ideas | Mar 11 – Mar 16
Chris Capre’s Current Live Open Trades: CHFJPY, BIR, FXo EURJPY
NOTE: Check out Chris Capre’s verified trading results for 2017
GBPUSD – Corrective PA Towards LT Key Support Zone (Weekly chart)
After topping out at 1.4280 which can be seen as a double top on the daily and 4hr chart price action charts, the GBPUSD seems to be slowly crawling lower in a corrective fashion towards the weekly support zone coming in between 1.3470 – 1.3620.
Most likely there are some MT and LT bulls looking at this zone as a potential trading opportunity. First resistance being the last swing high @ 1.4280. A weekly close below 1.3470 would most likely attract fresh bearish interest with next LT support waiting at 1.3050.
Stay tuned with the daily trade setups commentary during the week.
AUDCHF – LT Key Support Held, Buy Trade Setup Profits Heavy (Weekly chart)
The LT key support level we mentioned in our members trade setups commentary in early February held and produced a very strong reaction.
Members should by now be up 180+ pips or so by now, so congratulations to those of you that caught this move.
Considering the very strong reaction + weekly close, which also cleared the minor resistance at 0.7420 in the process, I wouldn’t be surprised if we see a move all the way back up to the top of this LCS. But to make it all the way to the top @ ~0.7700 bulls have to be able to make it through another solid resistance coming in at around 0.7550 first.
To the downside, 0.7420-0.7400 is the closest minor support whilst 0.7275 remains the closest LT key support.
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