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Weekly Price Action Preview: AUDPY, AUDUSD, NZDJPY and OIL v USD

Examining the price action in key markets we follow.
Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world at his website https://www.forexschoolonline.com
Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world at his website https://www.forexschoolonline.com

AUDJPY Daily Chart

Break and Quick Re-test at Price Flip Level

Price action on the daily chart of the AUDJPY has broken out of the major range in which it has recently been trading.

In the trade ideas posted on the 8th April we discussed this market and how price was priming for a break either higher or lower out of the sideways pattern in which it had been trading.

As the chart shows below; after breaking this level, price has stalled, formed an inside bar on the daily chart and is now re-testing. If this level can hold as an old resistance and new support flip level, it could form a base for the next move higher.

Daily Chart

AUDJPY Daily

NZDJPY Daily Chart

Inside Bar Testing Support

This is a market we have been watching and discussing for some time now, as price has been testing the major daily support level without being able to break through and move below.

Price has recently formed an indecision inside bar right at this daily chart support, showing no clear break either way.

Until this market either makes a clear break lower, or a definitive false break, there does not look to be much to trade.

Daily Chart

NZDJPY Daily

AUDUSD Daily Chart

Still Bubbling Between Range Levels

This pair has now been bubbling along sideways, chopping up and down, without really going anywhere concrete for many months going back to last year.

These types of markets can be the trickiest to trade and especially manage when having active positions. While trades can be found, when price is whipping or chopping direction, it makes it a lot more likely you will be stopped out even if you do pick the direction of the market correctly.

One of the best tactics can be to look for high probability reversal triggers when price makes a test of the range high or low on smaller intraday charts such as the 4 hour and 1 hour charts. If price then breaks out you can look to get involved.

Daily Chart

AUDUSD Daily

Oil Daily and 4 Hour Charts

Move, Pause and Break

The daily chart of this market has formed a textbook move higher in recent weeks.

It is not very often that price moves in such a clear pattern, as we see price move, pause, consolidate and continue.

On a larger scale, this is how the price action of the markets regularly behaves; it is not often, however, that we see it as clear as we can see it here.

Oil has now broken out of its most recent consolidation pattern and if you zoom your daily chart out you will note it has just hit the overhead resistance.

If it rotates back lower, we could watch the old breakout highs to see if it acts as an old resistance and potential new support area.

Daily Chart

XTIUSD Daily

4 Hour Chart

XTIUSD H4

As the markets put the debt ceiling debacle in the rearview mirror, more than a few issues remain open.