Weekly Price Action Setups & Trade Ideas | May 26 – May 31

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

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EURGBP – Back Inside LCS (Weekly chart)

Price Action Context

After clearing the wide key support zone of the LCS that had held for roughly 1,5 years in February, sellers failed to produce a bearish continuation, lost control, and price impulsively broke back above the wide key resistance.

eurgbp-forex-trade-signal-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 to look out for.

Key Support & Resistance Zones

R: 0.9010 – 0.9100
S: 0.8620 – 0.8690

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NZDUSD – Non-Volatile Bear Trend Approaching Key Support (Daily chart)

Price Action Context

Mid-April, the pair broke through a LT key support zone around 0.6700 and has since traded through another minor support, which now should act as resistance on pullbacks. If we exclude the bullish bounce from 0.66, overall, the bearish MT trend that originated from 0.6900 has been non-volatile so far, indicating a strong bearish imbalance in the order flow, which makes a continuation towards the LT support very likely IMO.

nzdusd-forex-trade-signal-2ndskiesforex

Trending Analysis

LT bias is bearish and traders can look for potential shorting opportunities on pullbacks towards the resistance. A break and close above 0.6615 would put 0.6900 back into focus whilst a break and close below 0.6425, would open up for a possible continuation towards the multi-year support that starts coming in at 0.6350.

Key Support & Resistance Zones

R: 0.6580 – 0.6615
S: 0.6425 – 0.6470

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WTI – MT Key Support Cleared, Bearish Bias (4h chart)

Price Action Context

The LT key resistance we’ve mentioned multiple times in our market commentaries over the last months successfully held. In the past week, we saw another bearish impulsive move breaking through a MT support, opening up further downside for the commodity.

WTI-oil-trade-setups-2ndskiesforex

Trending Analysis

ST & MT bias is bearish and bears can look for possible shorting opportunities around the broken MT support which now should act as resistance on pullbacks.

Key Support & Resistance Zones

R: 60.00 – 61.00
S: 57.40 – 59.00

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