Weekly Price Action Trade Ideas – 22nd to 26th of Feb 2021

Markets Discussed in This Week’s Trade Ideas: GBPUSD, GOLD, AUS200 and EURAUD.

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

 

GBPUSD Daily Chart

• Watching for Pullback Lower

Price on the higher time frames of the GBPUSD has now been trending strongly higher for the past six months.

As the daily chart shows, this trend continued on last week with price ripping higher with some strong bullish momentum candlesticks.

Whilst this trend continues the best play look to be finding trades within it.

If price can make any sort of rotation lower into the near term support it could be a good level to start looking for new long trades.

Daily Chart

 

GOLD Daily Chart

• Looking for Range to Continue

Price action has continued on with the range on the daily chart on Gold over the last week.

As the daily chart shows, price has now pushed lower into support and formed a bullish engulfing bar.

If we can see price break higher from this engulfing bar we could see a new test of the overhead resistance level.

This could be a solid level to keep an eye out on for new short trades in the coming sessions.

Daily Chart

 

AUS200 Daily Chart

• Can Price Break With the Trend?

Whilst price has been trading in an overall trend higher in the last six months, in the last few weeks we have seen a period of consolidation and sideways movement.

Price is now testing the daily chart support level and if this level can hold we could see a new test at breaking out higher.

If price can breakout higher and through the recent swing high resistance area, then we could look for potential breakout trades and for the trend to continue on its way.

Daily Chart

 

EURAUD Daily Chart

• Downtrend in Full Swing

The downtrend that started in the back half of last year with this pair is now in full swing.

As the daily chart shows, price last week pounded lower and through the recent strong support level.

This breakout lower led to a heavy sell off with a strong momentum move.

If price can make a quick retrace back higher in the coming sessions we could look for new short trades at the old breakout support and new price flip resistance area.

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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