Weekly Price Action Setups & Trade Ideas | Oct 28 – Nov 1

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Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN, WTI, USDMXN

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VIX – Approaching Major Support Zone, Looking to Buy (daily chart)

Price Action Context

For over a year, the VIX index has held the major support zone between the high 12’s to the high 14’s while being capped by 25 to the upside. I’m looking to get long in this zone as I’m expecting end of year volatility to pick up targeting 20+.

Trending Analysis

MT range bias and have to be willing to buy while above the major support zone.

Key Support & Resistance Zones

R: 20, 24.75

S: 14.87, 12.90

Stay tuned with the members market commentary for updates.

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USDZAR – Major Resistance Holds, Looking to Sell (daily chart)

Price Action Context

For over a year, the major resistance zone at 15.40 has held, now for a 4th time. Overall we’re in a large corrective structure so am looking to sell that resistance zone on the next round trip.

usadzar major resistance zone 2ndskiesforex

Trending Analysis

MT range while ST bearish, but will need to clear the lows around 14.50 to add more bearish momentum.

Key Support & Resistance Zones

R: 15.40, 15.63

S: 13.75, 13.23

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GBPUSD – Likely Going to Appreciate With Brexit Getting Close, Looking to Buy (daily chart)

Price Action Context

With it seeming like we’re rounding the final turn and heading towards the home stretch, I’m suspecting both GBP forex pairs and UK equities are going to appreciate. I’m looking to buy GBPUSD between 1.25 and 1.27 for a move back up to fair value first around 1.3325 and then 1.42.

gbpusd brexit forex 2ndskiesforex

Trending Analysis

ST bullish and MT becoming bullish if it can remain above 1.27 on a weekly closing basis.

Key Support & Resistance Zones

R: 1.3324, 1.36

S: 1.27, 1.25

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