Weekly Price Action Setups & Trade Ideas | Mar 30 – Apr 5

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Chris Capre’s current live price action and ichimoku trades: EURUSD, GBPUSD, EU50, INR.FR, BIR, TLS

USDCHF – LT Resistance Held, Minor MT Support (4h chart)

Price Action Context

After getting rejected from the LT resistance around 1.01 early March, a impulsive move took the pair down to 0.99, breaking through a MT support in the process. Since the 20th, price has been forming a corrective structure heading into this resistance zone.

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Trending Analysis

If this MT S/R zone holds as resistance, another attack on 0.99 is likely and a break and close below 0.99 would open up further downside, initially towards 0.98.

Key Support & Resistance Zones

R: > 0.9960 – 1.0000
S: 0.9895 – 0.9915

Stay tuned to our members market commentary for updates.

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USDSGD – Approaching Key Resistance (Daily chart)

Price Action Context

The pair traded within a with-trend corrective structure between July and October last year, but ending the year, price slowly started rolling over. In early January this year, bearish order flow increased and a key support was taken by the impulsive move lower, which changed our LT bias to bearish. The broken support has since been tested as resistance 3 times and held cleanly every time & price is now pulling back towards the key resistance zone again after being rejected at the MT key support.

usdsgd-forex-trade-setups-2ndskiesforex

Trending Analysis

LT Bias is bearish and bears can look for possible trading opportunities on pullbacks into the key resistance.

Key Support & Resistance Zones

R: 1.3600 – 1.3640
S: 1.3440 – 1.3470

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DAX – Strong Reaction To LT Resistance (Daily chart)

Price Action Context

The break of a LT key support level in October last year + follow through by the bears took the index all the way down to 10 400, where apparently a lot of bullish orders were parked. During the following 3 months, price did advance all the way back up to the LT resistance. After a strong bearish reaction to the LT resistance early last week, which looks like a ST false break around 11 650, price is now climbing towards the resistance again.

dax-trade-setups-2ndskiesforex

Trending Analysis

LT bias bearish whilst below 11 950. If this LT resistance holds, an initial move down towards 11 050 is likely IMO, whilst a strong break and close above this resistance would open up for a potential continuation towards 12 850 & 13 500 in extension.

Key Support & Resistance Zones

R: 11 700 – 11 950
S: 8 900 – 9 330

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