Weekly Price Action Trades & Key Levels | Nov 19-24
Chris Capre’s Current Price Action Trades: USDCHF, EURNOK, EURCHF, CHFJPY, USDMXN, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN
GBPNZD – Major LT SR Zone Held, Trade Setup In Profit +500 Pips (Daily chart)
As we discussed as a potential trade setup in our member market commentary from Nov. 1, the bulls successfully defended the major support zone and price launched +500 pips higher in just 7 days.
Congratulations to the member traders which have profited handsomely from this.
The price action is currently sitting right underneath the 1.9400 resistance and another test of the LT S/R zone is not unlikely IMO which could offer bulls a potential 2nd chance to get involved.
A successful break and close above 1.9400 would put the resistance @ 1.9950 on the radar. Only a strong daily break and close below the S/R zone would negate my bullish bias.
USDJPY – LT Resistance Held a 3rd Time, ST Bias Bearish (Daily chart)
Despite the strong bullish attack on the LT resistance @ ~114.00, so far, the bears once again were able to defend the level. On Friday price broke through 113.00 changing my MT bias to neutral/slightly bearish and my ST bias to bearish.
A break and close below 111.70 would also change my MT bias to bearish. For now, ST bulls should find 111.70 likely of interest to MT players.
A break and close above 113.00 would put 114.00 into focus again and if 111.70 fails to provide support, with the next key support level coming in at 110.60.
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book