Weekly Price Action Trade Ideas – 25th Feb 2020

Markets Discussed in This Week’s Trade Ideas: EURCAD, AUDSGD, NZDJPY and SILVER.

 

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

 

EURCAD Daily Chart

Pullback Into Resistance

Some of the EURO pairs are showing some clean price action just at the moment and that is the case with the EURCAD.

After selling off and making a fast breakthrough the daily support level, price has now rotated back higher and into the old support / new resistance price flip area.

This area could be a solid area to watch the price action in the coming sessions on the daily and intraday time frames for potential bearish price action triggers.

Daily Chart

 

AUDSGD Daily Chart

Range and Breakout Plays

This is another market that has been respecting its daily support and resistance levels time and again recently.

As the daily chart shows below; whilst we have been getting levels broken, it is only for price to move into the next major level.

Price is fairly sideways in this pair and as I write this we are getting another test of the daily support.

Whilst this level may hold, if we can get a breakout lower it could lead to a fast break and potential short trades with a lot of room and space to move into.

Daily Chart

 

NZDJPY Daily and 4 Hour Charts

Range Continues to Hold

We have been discussing this market a lot in recent times as price has been trading within a fairly clear-cut range.

As the daily and 4 hour charts show below; this range still remains intact. 

Whilst I am watching for potential breakouts and then potential breakout trades, for as long as the range holds I will also watch for range plays.

Daily Chart

4 Hour Chart

 

SILVER Daily Chart

Price Breaks Out Higher

In last week’s trade ideas we were watching this market for a potential breakout through the daily chart resistance, similar to what we had been looking for on Gold.

Whilst price did nudge through the resistance, the breakout was not as fast or aggressive as it may have been.

The old resistance now looks to be crucial. If it can hold as a new price flip support level it could act as the launch pad for the next solid move higher and also as a potential area to watch for bullish price action.

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

 

Please leave questions or comments in the comments section below;