AUDCAD Daily Chart
Retracing Into Major Daily Resistance
Last week price broke through a key daily support level making a strong close below.
We now see that this same level could look to hold as a new potential price flip of old support and new resistance. It could also act as a solid spot to hunt reversal trades on longer time frames such as the daily and 4 hour charts to get short.
Any bearish high probability triggers at this level would be trading with the recent momentum and at a strong level.
GBPCHF Daily Chart
Testing Long-term Daily Support
Price action on the daily chart of the GBPCHF is testing a multi-year support level.
As the zoomed out daily chart shows below; this level has held in the past as both a major resistance and support. After a huge move lower in recent weeks, price is now making a fresh test of this level.
After such an extended move lower, we would expect the market to take a breather and pause at some stage and this support could be the catalyst.
Whilst trading against such strong momentum is not recommended, this level does look to be important for this market and may be where price makes its next large push.
SILVER Daily and 4 Hour Charts
Pullback Into Value
Price in this market has been creeping lower on the daily chart.
Before last week the moves had not been explosive, but price had been making regular lower highs.
Silver has now aggressively broken below the key daily support and this level could prove crucial.
If it retraces back higher and into this level it could act as a high probability level to look for short trades and the next leg lower.
4 Hour Chart
AUSSIE 200 Daily and 4 Hour Charts
Watching for Possible Price Flip / Test
This market has exploded to break out through the daily resistance and move into an 11 year high.
Trading in line with this breakout and strong momentum looks to be the solid play whilst the old resistance and new price flip support holds.
Any weakness or retracements back into value or support could offer the chance to get into the next leg higher, keeping in mind we don’t want to enter at the top and buy expensively.
4 Hour Chart