Weekly Price Action Setups & Trade Ideas | Sep 30 – Oct 5

Verified Profitable Trader

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

EURUSD – False Break @ LT Support (Daily chart)

Price Action Context

After pulling back deeper into the wide multi-year support zone from 2015-2016, bulls stepped in with force, pushing price back above the LT resistance we have mentioned in earlier market commentaries, producing a strong false break setup. The first re-test of the LT S/R zone resulted in a solid bullish reaction and bears are now attacking the zone again.

eurusd forex technical analysis 2ndskiesforex

Trending Analysis

After breaking below the LT key S/R zone, the strong buying, almost equal in strength compared to the preceding selling, pushed price back above the zone, rendering our bias neutral for now. The current pullback into the key support can present bulls with potential trading opportunities.

Key Support & Resistance Levels

R: 1.2000 – 1.2095
S: 1.1500 – 1.1575

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

USDJPY – Closing in on LT Key Resistance (Weekly chart)

Price Action Context

Trading in the middle of a large corrective structure and after multiple weeks of consolidation, price is now closing in on the top of the structure.

usdjpy forex technical analysis 2ndskiesforex

Trending Analysis

Neutral while trading between these S/R zones. Looking to play both sides until this LCS fails, particularly selling from the resistance.

Key Support & Resistance Levels

R: 114.30 – 115.50
S: 107.30 – 108.30

AUS200 – Looking Heavy @ LT Support (Daily chart)

Price Action Context

The well respected key resistance level was impulsively broken in the end of June, followed by a slow/corrective continuation. Price has now pulled back impulsively to the support level and the bounce has so far been very weak/corrective.

asx 200 technical analysis 2ndskiesforex

Trending Analysis

Stable bull trend that started in Q1 2016. The impulsive price action pullback to the LT S/R zone followed by the weak/corrective bounce indicates little bullish interest and lowers the probability of this support holding IMO. Bias is bullish whilst we’re above this zone, but a possible strong break and close below this zone could open up for potential shorting opportunities on pullbacks into the S/R zone.

Key Support & Resistance Levels

R: 6 380 – 3 450
S: 6 110 – 6 160

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