Weekly Price Action Trade Ideas – 27th Jan to 1st Feb 2019
Markets Discussed Today: EURUSD, AUDNZD, GBPCHF and USD v OIL.
EURUSD Daily Chart
Price Holds at Box / Range Low
Price action continues to move within the tight boxing price action range it has been stuck in since October last year.
The support we discussed in last week’s summary has for now held firm and has sent price smack bang back into the middle of the range.
This is a tricky market as the range does not have a large margin between the high and the low. This does not offer a lot of higher reward trades unless taking on the higher risk that price could whipsaw.
When price does eventually breakout, it could happen aggressively and open the path for a lot of trading opportunities and more free-flowing trading.
Daily Chart
AUDNZD Daily Chart
Potential Test Major Support
This was one of the markets that experienced a large spike and snap reversal soon after the New Year.
Since then price has resumed where it left off and is now once again moving into the same level we saw the huge spike and false break occur.
This could be a super interesting level to watch over the coming sessions this week on the daily and smaller intraday charts such as the 4 hour and 1 hour time frames.
Daily Chart
GBPCHF Daily Chart
Price Testing Extreme Highs
Price in recent times has rocketed higher after a large consolidation at the daily support levels.
Price has not encountered too much resistance in the last three weeks with only two of the last twelve daily sessions ending lower, showing the strength of the bulls in recent times.
Price is now testing a longer term resistance level that has been proven over many years on the daily chart and it will be a level to watch to see if the bulls will push straight through, or we see some resistance.
Daily Chart
Daily Chart
Please leave questions or comments in the comments section below;
Thank you vety much
Can l go short
now in gbpchf now
Hi Hashem,
Nice to hear from you. I cannot say what you should do with your entries, stops etc,.
As per the summary;
‘Price is now testing a longer term resistance level that has been proven over many years on the daily chart and it will be a level to watch to see if the bulls will push straight through, or we see some resistance.’
This is a major level and some resistance is to be expected, but the momentum has also been strongly higher over the last three weeks with bulls in control.
Questions let me know,
Johnathon
I agree. I reached the same conclusion in the pair AUD / NZD
Hi Joan!
This box / levels should be interesting to watch over coming sessions.
Johnathon
Thanks Johnathon!!
You’re welcome 👍