Weekly Price Action Setups & Trade Ideas | Sep 2 – Sep 7

Verified Profitable Trader

AUDUSD – Arrived at Weekly Support (Weekly chart)

Price Action Context

After 7 months of selling, the price action arrived at a clean and well defined weekly support level which in the past has led to two very strong bullish reactions.

forex audusd trade ideas 2ndskiesforex

Trending Analysis

The bearish trend that started in the end of January has gotten increasingly more volatile and somewhat unclean lately as the price action on the weekly chart has been closing in on the weekly support, indicating that bullish presence is increasing. LT traders will likely find this weekly support to be a very attractive area to look for potential longs. A weekly break and close below this zone would open up further downside towards 0.6900.

Key Support & Resistance Levels

R: 0.7310 – 0.7375
S: 0.7145 – 0.7175

Stay tuned to the members daily trade setups & analysis for updates.

EURJPY – MT Corrective Structure Building (Daily chart)

Price Action Context

The bearish break and close below 129.00 back in May initially fueled further selling, but since then, the pair has started ranging within a MT corrective structure.

forex eurjpy technical analysis 2ndskiesforex

Trending Analysis

Currently ranging MT. More bearish than bullish while below closest key resistance level, thus looking to sell potential ST strength into MT resistance.

Key Support & Resistance Levels

R: 131.00 – 132.00
S: 124.60 – 125.60

S&P 500 – Heavily Bullish, New ATH (Daily chart)

Price Action Context

Broken through a key resistance level at the top of multi-year bull trend and printing a new all-time-high in the process.

S&P technical analysis 2ndskiesforex

Trending Analysis

The price action in the S&P 500 has been in a pretty much an uninterrupted bull run for almost 10 years now. LT bias is strongly bullish, thus looking to buy on potential pullbacks into the broken LT resistance which now should act as support.

Key Support & Resistance Levels

R: Not applicable
S: 2845 – 2876

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article