Weekly Price Action Trade Ideas – 27th May 2020

Markets Discussed in This Week’s Trade Ideas: EURUSD, USDCAD, GBPCHF and NZDJPY.

 

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 for Breakout

Whilst this pair has been stuck in a pretty clear-cut range in recent times we are now seeing the potential for a breakout to build.

After pushing back lower from the range high, price was not able to make it all the way back to the range support level.

As the daily chart shows below; price made it to the midway point of the range before building pressure and moving back higher.

Price is now testing the range resistance and it looks a key level to watch for potential breakouts.

Daily Chart

 

USDCAD Daily Chart

Breakout Playing Out

We discussed this market last week and the price action squeeze that price was moving between.

Price has now broken out of this squeeze and moved below the daily support level as shown on the chart below.

If this breakout level can hold as a new price flip resistance it could act as a solid level to hunt short trades. It could also be key for the next solid leg lower.

Daily Chart

 

GBPCHF Daily Chart

Watching for Test of Major Daily Levels

Price on the GBPCHF is still moving between the two major daily support and resistance levels.

In the last week we have seen minimal movement with a series of inside bars and overall sideways price action.

Whilst there are multiple minor levels in between these two levels the best play could be to wait for a re-test of either the key daily support or resistance level.

Daily Chart

 

NZDJPY Daily Chart

Breakout Level Looks Key

Price has recently made a breakout of the daily resistance level that it had been contained within for the past three months.

The old resistance that price has just broken looks to be crucial in this market.

For a sustained breakout and not a fake out we will need to see the level hold in the coming sessions and not see price quickly snap back below.

Breakout and retest traders could be watching this level for bullish price action clues and potential long trades.

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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