Weekly Price Action Trade Ideas – 18th to 22nd Jan 2021

Markets Discussed in This Week’s Trade Ideas: EURUSD, USDCHF, EURJPY and CADJPY.

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

 

EURUSD Daily Chart

• Watching Price Flip Level

Price action on the EURUSD is now attempting to make a reversal back lower.

At the end of last week we saw price form an inside bar followed by a break through the support level on the daily chart.

This daily support level now looks a crucial level in the coming sessions.

If price can rotate back higher into this old support it could become a new price flip resistance level and a solid level to look for new short trades.

Daily Chart

 

USDCHF Daily Chart

• Range in Play

Price is now trading in a range on the higher time frames such as the daily chart on the USDCHF.

As the daily chart shows, price is now looking to test the range resistance level.

Whilst this range holds we can continue to look to play both sides of the market.

Trades can be hunted from both the range support and resistance areas.

Daily Chart

 

EURJPY Daily Chart

• Price Breaks Lower

This pair is similar to the EURUSD in that price is trying to make a break lower.

After an extended period of sideways consolidation, price finally made a move and breakout lower through the key daily support area.

This old support level looks a solid area to watch for potential short trades in the coming sessions.

If price can make a retrace back higher into this new price flip resistance level we could watch for short trades on both the daily and smaller intraday time frames.

Daily Chart

 

CADJPY Daily Chart

• Watching for Breakout

At the end of last week price action attempted to make a breakout higher and through the daily resistance level on this pair.

Whilst we saw a large rejection of the resistance area, we could still see a breakout higher play out in the coming sessions.

If price can now find some support on the daily chart we can watch for price to make another test of this resistance and for new potential long breakout trades.

Breakout trades would offer higher reward trades compared to trading back lower and into all of the minor support levels.

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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