AUD/CHF Daily Chart
- Watching for Break, Re-test, and Reversal
In last week’s price action trade ideas we were looking to see if the price would make a move lower and take out the major daily support.
Price in the last session began to make a move through this level and whilst this has not been aggressive, we can now watch the intraday charts to see if price action will hold as a new price flip and old support / new resistance.
Potential short trades could be hunted on smaller time frames at this level looking for A+ high probability triggers that confirm the price is looking to reverse at this level.
NZD/JPY Daily Chart
- False Break Engulfing Bar
Price on the NZD/JPY daily chart made a large attempt at breaking out higher and through the daily resistance level in last week’s trading.
Instead of breaking out higher, the price ended up forming a false break bearish engulfing bar and snapping back lower.
A break higher could have seen price move out and away from the tight sideways box that it now finds itself stuck in. Near term, support is not far away and looking to make trades whilst price stays within this tight range looks tricky.
CAD/JPY Daily and 4 Hour Chart
- Can Price Slide Into New Resistance?
At the end of last week, price broke out and through the major daily support level aggressively to open up potential short trades.
In recent week’s we have seen price in this market make consecutive lower highs and now break a major support level looking to form a potential new short-term trend lower.
If price can slide higher and back into the overhead resistance, traders could watch to see if it will hold as a new resistance and a potential area to target short trades.
US500 Daily and 4-hour Charts
- Still Uncertain at Major Daily Level
This is a market we have been discussing a lot about in recent times as quite a lot has been happening on the charts.
In last week’s commentary, we were looking to see if the price would breakout higher and open the door for any bullish trades to get long.
Whilst price did make a break higher, fire a quick re-test and form a 4-hour bullish engulfing bar sending price back higher, this move has been relatively short-lived.
As shown on the daily chart below; price is now once again right back at the major daily level and making another test which looks to be crucial for where the price goes in the coming sessions.
