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Price Action Trades Weekly Preview: 17th to 22nd March 2019


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Price Still Stuck Inside Box / Range

This is a market we have been watching for quite some time now to see if price can make a solid and confirmed breakout either higher or lower through its ranging box.

Whilst price has made breaks and tests on the intraday time frame, as the weekly and daily charts show below; we are as yet to get a clear breakout either way.

Price had been clearly trending lower before moving into this consolidation range pattern. Often price will break in the same direction it had been trading in before it moved into consolidation.

We will regularly see that the longer that price stays winding up and attempting to breakout of a level, the stronger the breakout is when it eventually occurs; meaning it can lead to a lot of fast paced high probability trade setups.

Weekly Chart

AUDUSD Weekly

Daily Chart

audusd daily chart


NZDJPY Daily and 4 Hour Charts

Big Test of Daily Resistance in Coming Sessions

Price action on the daily chart of the NZDJPY has run into a brick wall in the last two weeks after making a solid move higher.

The daily time-frame chart attached below shows how price is now making a test of the daily chart resistance level. This level looks to be key in the coming sessions and proves as a large watch for price action traders.

A solid breakout could see price move quickly into the 77.20 area with potential intraday trades on the 4 hour and 1 hour charts forming.

Daily Chart

NZDJPY Daily

4 hour Chart

NZDJPYH4


AUDCHF Daily Chart

Potential Test and Breakout

Price action on the daily chart of the AUDCHF has been making lower highs in recent weeks, but has been unable to break lower and through the major support level.

As the chart shows below; this week could prove crucial for where price wants to make its next move.

A test and breakout lower could open the way for traders to hunt breakout trades andhigh probability breakout and re-test trade setups.

Daily Chart

audchf daily chart


US500 Daily Chart

Watching for Break & Re-test

Inlast weeks trade ideas posted on the 10th of Marchwe discussed this market and the small daily chart bullish pin bar price had formed rejecting the support level.

Price has since popped higher off the back of this pin bar and is now once again attempting to breakout and through the major highs and resistance.

A breakout of this level and we could see price make a strong, free-flowing move higher in-line with the aggressive shorter term trend price has been moving in. This could also open the way for bullish breakout and quick breakout and intraday trades.

Daily Chart

us500 daily chart



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About the author


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 Forex School Online.


Johnathon has been published posts on a wide range of trading topics at sites including investing.com, DailyForex.com, Equities.com, moneyshow.com and tradingpub.com.

 

 

Contributing author since 2/6/19 

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