Weekly Price Action Trade Ideas – 8th to 12th of Feb 2021

Markets Discussed in This Week’s Trade Ideas: EURUSD, AUDJPY, CADJPY 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

 

EURUSD Daily Chart

• Price Attempting a Reversal

Price action on the EURUSD is now attempting to make a reversal back lower on the higher time frames.

As the daily chart shows, price last week broke below the recent support level and made a strong move lower.

Price has now retraced back higher and is looking to test this recent support level as a new price flip resistance.

This could be a solid level to watch for potential bearish price action clues in the coming sessions.

Daily Chart

 

AUDJPY Daily Chart

• Range Now in Play

Price on this pair is now trading in a sideways consolidation and range movement.

Whilst the overall trend is higher, price in the short term is trading between the clear range high and low support and resistance levels.

Whilst these levels hold we could continue to look to trade both sides of this range with an overall eye to seeing price break higher inline with the overall trend.

Daily Chart

 

CADJPY Daily Chart

• Breakout Higher Playing Out

In last week’s trade ideas we discussed this pair and the bullish momentum that was building for a breakout higher.

Now price has confirmed this breakout there could still be further potential long trades that play out in the coming sessions.

If price can make a quick rotation lower into the old breakout resistance level, then we could watch for that level to act as a new support level.

This level could be a solid area to hunt long trades with the momentum higher.

Daily Chart

 

GOLD Daily Chart

• Daily Price Flip Looks Key

Whilst the overall price action is still sideways and stuck within a range in this market, price has formed a mini breakout lower.

As the daily chart shows, at the end of last week price made a strong move lower and closed below the recent support level.

Price has now popped back higher and is re-testing this level as a price flip resistance.

This level looks crucial for where price moves in the coming sessions and it is an important level to keep an eye on for any Gold traders.

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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