Weekly Price Action Trade Ideas – 19th May 2020

Markets Discussed in This Week’s Trade Ideas: USDCAD, GBPUSD, EURAUD and GBPCHF.

 

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

USDCAD Daily Chart

Price Action Squeeze

Price on the USDCAD is in a tight box range.

As the daily chart shows below a squeeze is currently taking place with lower highs and higher lows.

The best plan in this market could be to watch for this box and squeeze to break and then hunt for potential breakout trades on either the daily or smaller time frames.

Daily Chart

 

GBPCHF Daily Chart

Price Moving into Support

After trying to breakout higher and then failing, price formed a bearish pin bar.

We can see price has since sold off and is looking to move into the near term support level.

If price does move lower into this support it could prove an important level to keep an eye on. Bullish price action could signal the potential to enter long trades. Failure and a break lower would open up a lot of space to fall into.

Daily Chart

 

GBPUSD Daily and 4 Hour Charts

Support Breaks With Retest

Last week we looked at this market and the higher lows price was beginning to form.

In the sessions since price moved lower to test the key support level and finally finished with a solid breakout.

As the daily and 4 hour charts show below since the breakout price has quickly reversed and is looking to test the old support level.

This week will be very interesting to see if this level can hold as an old support and new resistance level for a potentially new leg lower.

Daily Chart

4 Hour Chart

 

EURAUD Daily Chart

Double Bottom Forms

Last week price tested the important support level that had also previously acted as a resistance level. At this level we saw a double bottom form.

After this pop higher there was little follow through and we have since seen price stall.

There are some tricky minor resistance levels overhead for this market.

For any serious move higher these minor levels would have to be taken out and are levels to keep in mind in the coming sessions.

Daily Chart

 

Trade Ideas Note: All views, discussions and posts in the ‘charts in focus trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

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