Weekly Price Action Trade Ideas – 7th to 11th Sep 2020

Markets Discussed in This Week’s Trade Ideas: EURUSD, GBPCHF, CADJPY, and GOLD.

 

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 4 Hour Chart

Intraday Range is Holding

In last week’s trade ideas we looked at this pair and the potential for price to move into the yearly highs.

After testing these highs, price formed a daily chart bearish pin bar reversal and price moved right back into the consolidation and sideways range.

As the attached 4 hour chart shows; price is now hovering around the intraday support level.

The intraday charts are very sideways and whilst they stay this way trades can be hunted on both sides of the markets from the major levels.

4 Hour Chart

 

CADJPY 4 Hour Chart

Watching for a Breakout

Price comes to an important level now in this market.

After forming a solid move higher in recent times, price has stalled and has not been able to break through the current resistance.

A breakout higher through this level could see price create a larger extended leg higher and open the door for many long trading opportunities.

4 Hour Chart

 

GBPCHF Daily Chart

Price Flip Support Being Tested

After breaking higher and through an important daily resistance level, price has formed some indecision candles.

Price now sits just above the old resistance and new price flip support level after forming a daily chart inside bar.

This level looks key for where price heads next in this market.

If this level holds, we could see the resistance around 1.2200 taken out and a much larger move higher.

Daily Chart

 

GOLD 4 Hour Chart

Can Price Break / Continue This Week?

Whilst price has been trending strongly higher for the bulk of this year, in recent weeks the trend has ground to a halt.

As the attached 4 hour chart shows; price is very sideways on the intraday charts.

This can be a tricky time to look for trades because inside this range is a lot of choppy price action.

The best play for conservative traders could be to wait for a breakout of these levels and to see if the trend continues which would then pave the way for long trades.

4 Hour 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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