Weekly Price Action Setups & Trade Ideas | Mar 4 – Mar 9
Chris Capre’s Current Live Open Trades: USDJPY, GBPCAD, CHFJPY, EURUSD, FXo EURJPY, BIR
AUDJPY – Testing LT Key Support (Daily chart)
After a week with Yen-crosses selling off heavily, the AUDJPY has arrived at a long term key support level @ 81.75, an area both bulls and bears should find very interesting IMO.
A solid bounce from here would put 84.50 back into focus whilst a strong daily close below 81.75 would change my LT bias from neutral to bearish and likely would lead to further selling down towards the next support waiting at 80.70.
Keep up to date with the members daily trade setups commentary for updates.
USDCAD – Strong Attack On LT Key Resistance (Daily chart)
The key resistance level @ ~1.29 was very cleanly respected 3 times in the end of last year and on Friday price revisited this level again.
Whilst we may see price getting rejected cleanly once more, I wouldn’t be surprised if we see a spike through this level with price testing the 2 year old resistance around 1.30 before bears step back in, considering the strong momentum leading up to this level.
To change my LT bias to bullish, I’d have to see a strong close above 1.3050.
Stay tuned for further updates in the members trade setups commentary.
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