Weekly Price Action Setups & Trade Ideas | May 13 – May 18
Chris Capre’s Current Live Open Trades: AUDUSD, BIR
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GBPCHF – Corrective Move Towards Key Support (Daily chart)
In the beginning of April, after a brief correction, GBPCHF cleared a key support zone with a bullish impulsive move.
During the last 4 weeks price has been pulling back towards the support zone in a corrective pullback which further bolsters the bull case with the April highs as our bull target.
On the other hand, a strong daily close below 1.3300 would open up for technical selling with support levels coming in at 1.3120 and 1.2900.
LTCUSD – False Break @ MT Resistance, Likely Headed For Key Support (Daily chart)
Along with other crypto currencies, Litecoin tested the MT resistance at 173.00 during the last weekend, a resistance level bulls were unable to clear, producing a false break setup.
The false break was quickly followed by aggressive selling, clearing multiple minor ST supports on the way down.
Looking at the current price action context, a continuation down towards the key support level at 112.00 is very likely IMO, a support which can be of interest to bulls.
If the key support holds, a move back up towards 173.00 is likely IMO, whilst a daily close below would open up for further downside towards 84.00 and 74.00 in extension.
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