Weekly Price Action Trade Ideas – 29th Dec 2020

Markets Discussed in This Week’s Trade Ideas: EURJPY, GBPAUD, EURAUD 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

 

EURJPY Daily Chart

• Price Action Looking to Breakout

Price has now been stuck within this tight daily chart sideways box / range for the last three weeks on this pair. The range high and resistance of this box is a crucial level because as the daily chart shows; it has been a major resistance all year.

I am now watching to see if this level can be broken and for price to breakout higher.

A breakout higher could be explosive and lead to higher reward trades compared to continuing to look for tight range trades.

Daily Chart

 

GOLD Daily Chart

• Price Stuck Inside Tight Range

This market continues to trade on the spot.

Until we get a clean break of the tight range and price action box that price is now trading within, that does not look like changing.

Whilst we can look to make short time frame trades from the box high and low, that is a riskier play.

There is not much room to move with this market at the moment and more conservative traders may be better off sitting on the sidelines and trading other markets.

Daily Chart

 

GBPAUD Daily Chart

• Bullish Momentum Building

This pair is now building some bullish momentum to once again break back higher and move right back into the overall range.

On the daily chart we can see price has tried to sell off back lower, but has failed and in doing so created a new swing high.

If this momentum continues we can look for a break through this resistance and new potential long trades.

Daily Chart

 

EURAUD Daily Chart

• Can the Price Flip Hold?

After breaking the daily chart support level, price tried to make a substantial move lower. This quickly ended with price rotating back higher into the price flip area.

This price flip resistance looks to be the crucial level for this market.

If we can see the bears come in at this level and send price back lower, it could open the way for new potential short trades and for a much larger leg 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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