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

 

Markets Discussed in This Week’s Trade Ideas: USDCAD, USDSGD, NZDJPY and UK100.

 

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

 

USDCAD Daily Chart

• Daily Resistance Looks Key

Price action on the USDCAD is now in a trend lower on the daily chart.

As the daily chart shows, price has now broken through the key daily support level and made a solid move lower.

This old support level could be an important level in the coming sessions.

If price can rotate back higher, this level could act as a price flip and new resistance level. This level could also be a good level to look for short trades.

Daily Chart

 

USDSGD Daily Chart

• Downtrend Continues

This pair is similar to the USDCAD, however the selling has not been as strong.

Instead of a large and agressive sell off, price has been in a more consistent move lower.

Looking to find trades with this momentum lower looks the best play whilst the trend holds.

If price can rotate back higher into the close resistance level, then we can start to look for short trades on the daily and intraday time frames.

Daily Chart

 

NZDJPY Daily Chart

• Watching for Pullback

Price in recent sessions has pounded out higher with a strong move.

Looking to find trades with this strong momentum and break higher looks to be the best play in the short term.

As the daily chart shows, price has recently broken out of a swing high resistance level. If price makes a move back into that level we can start to look for new long trades.

Long trades at this level would be inline with the strong momentum higher and at a key support level.

Daily Chart

 

UK100 Daily Chart

• Price Breaks Higher

After making the huge run higher, price stalled in this market. At the end of last week we can see that price broke the consolidation and moved out higher.

If we can get a sharp pullback on either the daily or intraday time frames, then we can start to look for long trading opportunities.

There is a pretty important support level just below and this level could provide a high probability area to look for new long trades.

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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