Weekly Price Action Setups & Trade Ideas | Oct 14 – Oct 19

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Chris Capre’s current price action and ichimoku trades: EURCHF, USDMXN, BIR, TLS

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XAUUSD – MT Key Resistance Taken Out (4h chart)

Price Action Context

After roughly 2 months of consolidation, bulls took control this week and cleared the key resistance zone ~1215 which changes the price action context and structure.

gold breaks key resistance level 2ndskiesforex

Trending Analysis

MT bias changed to bullish after the break of this key resistance which now should act as support. Looking to buy potential ST weakness into support.

Key Support & Resistance Levels

R: 1232 – 1241
S: 1210 – 1215

EUROSTOXX 50 – Break Below Weekly Support, Potential False Break (Weekly chart)

Price Action Context

The weekly support level folded last week to the bearish pressure, which was reflected across most indices and global markets this week with the index closing below the zone to end the week.

eurostoxx 50 trade setups 2ndskiesforex

Trending Analysis

With this being a LT key support zone, the break below changed our bias to bearish and bears can look for potential trading opportunities on weak pullbacks into the zone. 

Meanwhile a fast break and close above would create a potential false break setup and open up opportunities for potential long trades.

Stay tuned to the members daily trade ideas and market commentary for updates.

Key Support & Resistance Levels

R: 3215 – 3275
S: 2655 – 2780

AUDCAD – At Multi-Year Support (Weekly chart)

Price Action Context

After strong selling for the majority of this year, this pair has now reached the multi-year support level of a LT range it’s been trading in for ~5 years now near 9112.

  audcad trade setups 2ndskiesforex

Trending Analysis

From a multi-year perspective, a very clear defined LT range with a neutral bias. Bias within this range is neutral and traders willing to hold positions for weeks or months might be interested in trading both sides of this structure until it fold. A break and close below this multi-year support would be a significant event and open up a lot of potential downside.

Keep up with the members daily trade ideas and commentary for updates and potential trade setups.

Key Support & Resistance Levels

R: 0.9550 – 0.9615
S: 0.9100 – 0.9225

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