Chris Capre’s current live open price action & ichimoku trades: AUDNZD, CORN
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AUDNZD – Breaks MT Resistance, Bullish ST (4hr chart)
Price Action Context
Continually gaining ground since the RBNZ rate cut, the AUDNZD has broken above a key MT resistance levels around 1.0710. Notice the breakout pattern which we recently did a video on, and how well that played out for a profitable trade setup?
Trending Analysis
ST I’m bullish while above 1.0710 on a daily closing basis. The line of least resistance seems up and am expecting a push towards 1.0948.
Key Support & Resistance Levels
R: 1.0948, 1.1121
S: 1.0710, 1.0510
Stay tuned to the members market commentary for updates.
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USDCHF – Large Corrective Structure In Play, Looking to Sell (daily chart)
Price Action Context
For pretty much the entire summer, the USDCHF has been stuck in a large corrective structure between 1.0010 and 9700 with a few touches on each side. Traders should be looking to trade both sides of the market till it breaks.
Trending Analysis
MT the corrective structure dominates while ST I’m looking to sell as we press close up to the key resistance zone.
Key Support & Resistance Levels
R: 9960, 1.0010
S:9700, 9650
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Corn – Just Above Major Support Zone, Expecting A Bounce (daily chart)
Price Action Context
Corn has been selling off for most of the summer, but it just bounced off a major support zone between 345 and 360. I’m currently long corn and am expecting a bounce.Â
Trending Analysis
ST bullish while above the major support zone but MT bearish so will need to shake off the selling pressure from the summer and clear 387 to relieve some of the downside technical pressure.
Key Support & Resistance Zones
R: 387, 414
S: 362, 343
