Weekly Price Action Setups & Trade Ideas | May 19 – May 24

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Chris Capre’s current live price action and ichimoku trades: EURUSD, GBPUSD, AUDJPY, EURCZK, EU50, CAC40

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GBPJPY – Testing Key Support (Weekly chart)

Price Action Context

After getting rejected from ~149.00 again, bears have pushed the GBPJPY lower, back to a LT key support zone that starts coming in at 140.00. If bulls successfully can defend this support, a move back up towards 149.00 is likely, but if it folds, another key support is waiting close buy, presenting a 2nd challenge for bears looking to take the pair lower.

forex-gbpjpy-trade-signals-2ndskiesforex

Trending Analysis

The two key support areas outlined above can present potential opportunities to bulls with 149.00 being the closest key resistance to look out for. A break below both support zones would open up for a likely continuation south with 130.00 being the next LT support in line.

Key Support & Resistance Zones

R: 148.50 – 149.70
S: 138.60 – 140.00

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EURGBP – Back Inside LCS (Weekly chart)

Price Action Context

After breaking out of the LCS to the downside in the end of February, EURGBP has been trading in a corrective structure below the broken key S/R zone. After a failed continuation attempt by the bears during the first week of May, bulls came back with force and price has now impulsively broken back into the LCS again.

forex-eurgbp-trade-signals-2ndskiesforex

Trending Analysis

The broken resistance should now act as support again and bulls can look for potential trading opportunities on weak pullbacks to the zone with the top of the LCS being the next key resistance zone to look out for as long as price trades above 0.8620.

Key Support & Resistance Zones

R: 0.9010 – 0.9100
S: 0.8620 – 0.8690

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Hang Seng 50 – ST Bearish CVT After Strong Bearish Rejection From LT Resistance (1h chart)

Price Action Context

The strong bearish rejection from the top of the LT resistance zone around 30000 translates into a clean bearish trend on the 1 hour chart, with every broken support cleanly being respected on every re-test from below.

hang-seng-50-trade-signals-2ndskiesforex

Trending Analysis

With the next LT support zone coming in at around 27300, a solid break and close below 27900 would open up for a bearish continuation of this bearish CVT, which in turn can present potential shorting opportunities to bears.

Key Support & Resistance Zones

R: 27 900 – 28 050
S: 27 250 – 27 350

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