Weekly Price Action Trade Ideas – 28th Jan 2020

Markets Discussed in This Week’s Trade Ideas: GBPUSD, EURAUD, AUDSGD 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

 

EURAUD Daily Chart

Major Resistance in Play

This is a market that has been ranging and trading sideways for many months on end.

Whilst ranging markets can present many high probability trading opportunities when looking to trade from the range highs and lows, they can be incredibly dangerous when trading anywhere in the middle.

This pair has now moved higher into a pretty important range high resistance level.

This could present multiple possible trading opportunities either with a major rejection or breakout trades in the coming sessions.

Daily Chart

 

AUDSGD Daily Chart

Watching for a Quick Pullback

A lot of the ‘Aussie” pairs have sold off lower in recent sessions and the AUDSGD is another of these.

As the daily chart shows below; price in the last few sessions has made a solid break below the daily chart support level.

If price can now make a quick rotation back higher this level could look to act as a price flip old support and potential new resistance for short trades.

Daily Chart

 

GBPUSD Daily Chart

Key Test of Support

Price action on the daily chart of the GBPUSD is in an interesting pattern at the moment.

After making a large and aggressive move higher and in turn breaking out of the important resistance level, price has since stalled.

As the daily chart shows below; whilst the support level at this stage is still holding, each time price has tried to bounce back higher the rebound has been weaker.

This support looks crucial for where price makes its next major move and looks a huge watch this week.

Daily Chart

 

SILVER Daily Chart

Can Price Break and Continue?

In recent times the price on Gold has been able to make a nice solid run higher, but Silver has not been quite as bullish.

Whilst Silver has still been able to make some nice legs higher it has not been able to burst through the daily chart resistance level.

This level looks important and if price can make a solid break this week it could open the door to multiple potential long trade setups.

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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