Weekly Price Action Preview: 10th to 15th March
Markets Discussed in This Weeks Trade Ideas: AUDUSD, GOLD, OIl v USD and US500
AUDUSD Daily & 30 Minute Chart
Breakout & Quick Re-Test
Price during the past week broke lower and through the 17 x session box inside of which price had been stalling.
In last week’s trade ideas that we posted on the 3rd of March, we discussed that this tight box and which way we saw it breaking.
As the two charts show below; price did breakout lower and quickly to the downside, making a quick re-test and bearish pin bar reversal on the 30 minute chart for those traders looking to get short on the break.
Daily Chart
30 Minute Chart
GOLD Daily and 4 Hour Charts
Crucial Price Flip Overhead
After slamming lower and through two major support levels in the space of three days, price has now paused and found support.
The coming sessions look to be crucial for this marke. Will the bulls will make a serious attempt at regaining the trend higher, or will the bears roll this market back lower.
As both the daily and 4 hour charts show below, there is a key price flip (old support / new resistance) level coming in just overhead.
Bearish traders could watch to see if price fires off any high probability A+ trades at this level or, conversely, if it breaks straight back through.
Daily Chart
4 Hour Chart
OIL v USD Daily Chart
Will Market Reversal Play Out
Whilst this market has been attempting to form a market reversal and trend back higher in recent times, it is facing a test at the daily resistance level.
After making two attempts at breaking this level already, price has moved lower and is now trading sideways, building for its next move.
If price can bounce from the daily chart support on which it currently sits, it could gain momentum to make another test of the resistance. If this level gives way, then we could see price make a free-flowing move higher.
Bullish traders could then look for breakouts, or breakout and re-test trade setups.
Daily Chart
Daily Chart
US500 Daily Chart
Engulfing Bar Sends Price Into Support
We have been watching this market quite a lot recently because of the major resistance that price looked to be tracking into on the daily chart.
After pushing higher and making an attempt at breaking this resistance, price formed a Bearish Engulfing Bar (BEEB) sending it back lower in the process.
Price has now found support and formed a small bullish pin bar that could see it make a fresh re-test of the daily resistance level. Any break below this support, and it could quickly act as a new price flip level.
Daily Chart
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