Weekly Price Action Trade Ideas – 30th Nov to 4th Dec 2020

Markets Discussed in This Week’s Trade Ideas: EURUSD, AUDCHF, AUDNZD and USDX.

 

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

• Price Breaks Higher

Price last week broke higher and through the daily chart resistance on the EURUSD.

As the chart below shows, price is now looking to make the climb into the recent extreme highs on this pair.

If we can see price make a serious test of this level, then we can continue looking for long trades and for a new extended leg higher.

Daily Chart

 

AUDCHF Daily Chart

• Wind up at Resistance

Price is doing some serious winding on this pair with a series of small consolidation candles just below the daily chart resistance level.

If in the next few sessions we can get a continue of the recent bullish momentum, then we can look for this windup pattern to break and for potential breakout trades.

Breakout trades could activate either on the daily or smaller time frames and would open the way for an extended leg higher.

Daily Chart

 

AUDNZD Daily Chart

• Daily Chart Inside Bars

Price on this pair is in a solid trend lower on the daily chart.

As the daily chart shows below; price has been making both a series of lower highs and lower lows.

Price has now formed a double inside bar pattern.

If price can break lower and below this pattern we can look for the trend to continue.

Daily Chart

 

USDX Daily Chart

• Price Flip Resistance in Play

We discussed this market last week and the strong bearish momentum that had been in play in recent times.

Price has followed on with this momentum and now made a break through the daily chart support level.

If this level can now hold as a new price flip resistance, then we can continue looking for short trades inline with the recent momentum lower.

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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