Weekly Price Action Setups & Trade Ideas | May 12 – May 17

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Chris Capre’s current live price action and ichimoku trades: EURUSD, GBPUSD, AUDJPY, EU50

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GBPUSD – 2nd Pullback Towards Key Support After False Break (4h chart)

Price Action Context

After a strong bullish reaction to the key support after the false break we saw end of April, price is now again pulling back to the support zone.

gbpusd-forex-trade-setup-at-key-support-2ndskiesforex

Trending Analysis

MT bias is bullish and buyers might find this pullback to the key support attractive in terms of potential buying opportunities. A break and close below 1.2940 would put 1.2790 back on the radar.

Key Support & Resistance Zones

R: 1.3300 – 1.3380
S: 1.2940 – 1.3015

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BTCUSD – Attempting to Clear LT Resistance, Potential False Break (Weekly chart)

Price Action Context

With basically no bearish reaction whatsoever, Bitcoin has moved impulsively through the LT key resistance zone between 5 750 and 6 400 and is now trading well above the zone.

bitcoin-trade-signals-and-technical-analysis-2ndskiesforex

Trending Analysis

A strong weekly close above 6 400 would change our LT bias to bullish and open up for potential trading opportunities on pullback towards the broken resistance, which then should act as a support. Should we see a quick return back below the resistance, we’d likely be looking at a with-trend false break setup which would put 3 500 back into focus.

Key Support & Resistance Zones

R: 7 470 – 7 900
S: 5 750 – 6 400

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ITALY FTSE 40 – Impulsive Break Back Below Key Resistance (Daily chart)

Price Action Context

After initially clearing the LT key resistance forming a corrective structure above, the Italian index impulsively broke back below the LT zone in the past week.

italy-ftse-index-technical-analysis-2ndskiesforex

Trending Analysis

LT bias bearish and bears can look for possible shorting opportunities on weak pullbacks into the LT resistance.

Key Support & Resistance Zones

R: 21 100 – 21 700
S: 18 400 – 18 650

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