Weekly Price Action Setups & Trade Ideas | Mar 17 – Mar 22

Verified Profitable Trader

Chris Capre’s current price action and ichimoku trades: EURUSD, GBPUSD, USDJPY, BIR, TLS

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GBPUSD – Strong Attack On Key Resistance (Daily chart)

Price Action Context

The last two strong attacks on this key resistance both lead to strong counter reactions. What stands out though are the higher lows printing towards the resistance, indicating that bulls are willing to get in at a worse price each time, which can be an indication that the resistance might be broken soon.

gbpusd-trade-ideas-2ndskiesforex

Trending Analysis

If this resistance holds, we’ll likely witness a move back down towards the key support but a failure of the resistance would open up for a bullish continuation towards 1.36.

Key Support & Resistance Zones

R: 1.3230 – 1.3370
S: 1.2660 – 1.2780

Stay tuned to our members daily trade ideas for updates.

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DAX – Back @ Key Resistance (Weekly chart)

Price Action Context

The break of a LT key support zone in October last year + follow through by the bears took the index all the way down to 10 400 where buyers came in with force, pushing price all the way back up to the broken key support which now should act as resistance.

dax-key-resistance-2ndskiesforex

Trending Analysis

LT bias bearish whilst below 11 940. If this LT resistance holds, an initial move down towards 11 050 is likely IMO. A strong break and close above this resistance on the other hand would open up for a possible continuation towards 12 850 & 13 500 in extension.

Key Support & Resistance Zones

R: 11 700 – 11 940
S: 8 900 – 9 330

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XAUEUR – Solid Bounce From LT Support (Weekly chart)

Price Action Context

Despite the strong pullback towards the LT S/R zone we mentioned 1,5 weeks ago, for now, bulls stepped in and defended the support zone successfully resulting in a solid bullish bounce. ST, price is currently trading within a corrective structure, roughly 20 points above the upper end of the support zone.

xaueur-trade-ideas-2ndskiesforex

Trending Analysis

If this LT support holds a move up towards 1160 – 1180, or even 1210 in extension, is likely, whilst a break and close below this zone initially would open up for a potential bearish continuation towards 1070.

Key Support & Resistance Zones

R: 1 160 – 1 180
S: 1 116 – 1 134

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