Weekly Price Action Summary – 27th Jan to 1st Feb 2019
EURUSD Daily Chart
Price Holds at Box / Range Low
Price action continues to move within the tight boxing price action range it has been stuck in since October last year.
The major support of the daily range has for now held firm and has sent price smack bang back into the middle of the range.
This is a tricky market as the range does not have a large margin between the high and the low. This does not offer a lot of higher reward trades unless taking on the higher risk that price could whipsaw.
When price does eventually breakout, it could happen aggressively and open the path for a lot of trading opportunities and more free-flowing trading.
Daily Chart
AUDNZD Daily Chart
Potential Test Major Support
This was one of the markets that experienced a large spike and snap reversal soon after the New Year.
Since then price has resumed where it left off and is now once again moving into the same level we saw the huge spike and false break occur.
This could be a super interesting level to watch over the coming sessions this week on the daily and smaller intraday charts such as the 4 hour and 1 hour time frames.
Daily Chart
GBPCHF Daily Chart
Price Testing Extreme Highs
Price in recent times has rocketed higher after a large consolidation at the daily support levels.
Price has not encountered too much resistance in the last three weeks with only two of the last twelve daily sessions ending lower, showing the strength of the bulls in recent times.
Price is now testing a longer term resistance level that has been proven over many years on the daily chart and it will be a level to watch to see if the bulls will push straight through, or we see some resistance.
Daily Chart
USD v OIL Daily Chart
Price Looking to Reverse From Strong Move lower
Price has been smashed lower in this market since making its high in October of last year.
Price action on the daily chart has been attempting to make a trend reversal.
As the chart below shows; after hitting an extreme low in December, price has since created a new high and new higher low.
Price is now looking to test the new high it created. If we can see this level break and a new higher high form, then price could look to trend higher and hold as an old resistance and new support price flip level for potential bullish trades.
Daily Chart
Daily Chart
