Weekly Price Action Setups & Trade Ideas | Mar 25 – Mar 30
Chris Capre’s current open trades: NZDCAD, CHFJPY, FXo EURJPY, BIR
S&P 500 – Closing In On Key Support (Daily chart)
After the big sell off in February, the S&P 500 retraced back up to the 2800 figure before another strong impulsive move by the bears, slamming the index over 200 points lower in 1.5 weeks with the majority of the selling taking place in the last 2 trading days.
We’re now closing in on the key support level that has formed around 2550 and a solid bounce from here is not unlikely IMO.
Looking at the LT price action context and current volatility, a strong close below 2530 could potentially open up for a bigger move all the way down to the 2016 breakout area which would mean another -17,5% decline. Closest supports below 2530 are coming in at 2480 and 2420 though.
Stay tuned to the members daily commentary & trade ideas for updates.
NZDCAD – Pulling Back Towards LT Key S/R Zone, Bullish Bias (Daily chart)
As briefly mentioned in our daily trade ideas earlier this month, buyers were able to clear the LT S/R zone between 0.9170-0.9230 and continued to push price higher after a brief re-test of the zone.
ST, bearish order flow has increased and we’re likely looking at a bigger pullback, potentially headed towards the LT S/R zone (previous resistance, now support) which should be an attractive area for bulls to look for potential longs with the closest resistance coming in at 0.94.
Only a strong daily close below 0.9170 would negate my bullish LT bias and open up for an initial move towards the next support @ 0.90.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book