Weekly Price Action Setups & Trade Ideas | Sep 23 – Sep 28

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Chris Capre’s current live open trades: EURCHF, USDMXN, BIR, TLS

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NZDUSD – Second Re-test of Key Resistance (Daily chart)

Price Action Context

After breaking through the weekly support zone (0.680-0.685) in the end of June, the pair has continued to sell off further, with plenty of room before reaching the next closest support level.

nzdusd forex price action analysis 2ndskiesforex

Trending Analysis

The LT trend started off with little volatility but has since gotten more volatile whilst still respecting key zones well. Bias clearly bearish both LT & MT and the current pullback offers potential shorting opportunities to bears.

Key Support & Resistance Levels

R: 0.6690 – 0.6725
S: 0.6380 – 0.6430

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

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XAUEUR – Corrective Structure Held (4H chart)

Price Action Context

The corrective structure we’ve mentioned in earlier members commentaries broke to the downside in line with the MT bear trend, which we discussed with members about potential trading opportunities.

gold-eur technical analysis 2ndskiesforex

Trending Analysis

Both LT and MT bearish. ST/MT bears can keep an eye out for potential trading opportunities on pullbacks towards the broken support which now should act as resistance.

Key Support & Resistance Levels

R: 1023 – 1026
S: 968 – 981

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HK50 – Pulling Back Towards LT Resistance (Daily chart)

Price Action Context

LT exhaustion price action manifested into 33 350 followed by impulsive selling and corrective PA. The corrective structure got broken to the downside in the end of June and now price is pulling back towards the LT S/R zone, a zone that coincides with a KSP from Q2 2015.

hang seng technical analysis 2ndskiesforex

Trending Analysis

Bearish after break of LT support. Looking to sell on potential ST strength into LT resistance.

Key Support & Resistance Levels

R: 29 120 – 30 000
S: 27 750 – 28 150

 

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