Weekly Price Action Setups & Trade Ideas | Sep 9 – Sep 14

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Chris current open positions: USDCAD, USDMXN, BIR, TLS

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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 false break setup. The first re-test of the LT S/R zone resulted in a solid reaction and bears are now attacking the zone again.

eurusd forex false break setup 2ndskiesforex

Trending Analysis

The strong buying, almost equal in strength compared to the preceding selling, pushed price back above the LT resistance, rendering our bias neutral for now. Looking to buy potential ST weakness into the LT S/R zone, which now should act as support again. If this zone fails, then the line of least resistance is towards the yearly lows ~1.13.

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Key Support & Resistance Levels

R: 1.2000 – 1.2095
S: 1.1500 – 1.1575

AUDUSD – Weekly Support Failed to Hold (Weekly chart)

Price Action Context

Bulls were not able to reverse the strong seven month order flow imbalance towards the sell side around the weekly support, and ending the week, the AUDUSD produced a strong weekly close below the weekly support level, which we discussed potential trade setups to our members.

forex audusd key support level 2ndskiesforex

Trending Analysis

Strong, non-volatile trend since January that now has cleared a weekly key support. Clearly bearish bias and looking to sell on potential ST strength into the broken weekly S/R zone.

Key Support & Resistance Levels

R: 0.7150 – 0.7200
S: 0.6825 – 0.6900

Euro Stoxx 50 – Closing in on LT Support (Weekly chart)

Price Action Context

Trading within a LT corrective structure since early 2017 the price action is now closing in on the LT support which strongly rejected price in March this year.

euro stoxx 50 technical analysis 2ndskiesforex

Trending Analysis

Strong selling in 2015 turned the stable LT 2011-2015 bull trend into a very wide and volatile LT range. Currently price is trading inside a smaller LT corrective structure, with a clearly defined support, within the top part of this large weekly range. Bullish while above 3210 on a weekly closing basis and looking to buy on potential MT weakness into the LT support. Meanwhile a break and close below this support zone would create a ST bearish technical bias.

Key Support & Resistance Levels

R: 3660 – 3710
S: 3210 – 3270

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