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Weekly Price Action Setups & Trade Ideas | Jan 6 – Jan 11

Chris Capre’s current open price action and ichimoku trades: EURUSD, GBPUSD, USDMXN, USDJPY, BIR, TLS

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USDJPY – LT Support Holding For Now (Daily chart)

Price Action Context

Bears did stay in control after breaking below the MT support we mentioned on the 23rd of October, and during the last week, price continued to sell off heavily. But despite the flash crash towards the end of the week, the LT support we’ve talked about in earlier member market commentaries as well seems to be holding for now, with price closing back above the zone ending the week.

Trending Analysis

LT bias remains neutral while inside the LT range and LT traders can look for potential trading opportunities around the top/bottom of the LCS.

Key Support & Resistance Zones [LT]

R: 114.30 – 115.50
S: 107.30 – 108.30

Stay tuned to the members daily trade ideas for updates.


OMX30 – Broken Through LT Key Support (Weekly chart)

Price Action Context

The continuation after the bullish reaction to the LT key support level never manifested, and instead bears stepped on the gas, pushing price through the key support and additionally -100 points lower in the process, giving bulls a hard time.


Trending Analysis

LT bias changed to bearish after the break of the LT support and if bears can stay in control, a move down towards the bottom of the bigger multi-year range is likely IMO. Weak pullbacks towards the broken support which now should act as resistance can offer potential shorting opportunities.

Watch the price action on the daily, 4hr and 1hr charts for potential trade setups.

Key Support & Resistance Zones

R: 20 200 – 21 000
S: 14 800 – 15 900


XAGEUR – Broken Back Above LT S/R Zone (Daily chart)

Price Action Context

After bouncing from the multi-year support we’ve talked about in earlier market commentaries, bulls have now pushed the precious metal back above the LT resistance which now should act as support again.

IMO this changes the price action context MT to bullish.


Trending Analysis

LT bias changed to bullish and bulls can look for potential trading opportunities on weak corrective pullbacks into the key support zone.

Key Support & Resistance Zones

R: 14.70 – 15.10
S: 13.10 – 13.50

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