AUD/JPY Daily Chart
- Break and Quick Re-test at Price Flip Level
Price action on the daily chart of the AUD/JPY has broken out of the major range it has recently been trading in.
In the trade ideas posted on the 8th April, we discussed this market and how the price was priming for a break either higher or lower through the sideways pattern price it had been trading in.
As the chart shows below; after the break in this price level stalled, it 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.
NZDJPY Daily Chart
- Inside Bar Testing Support
This is a market we have been watching and discussing for some time now as the price has been testing the major daily support level without being able to break out and move below.
Price has recently formed indecision inside the right bar at this daily chart support with the price still 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.
AUD/USD Daily Chart
- Still Bubbling Between Range Levels
This pair has now been bubbling along sideways chopping up and down without heading in a concrete direction since last year.
These types of markets can be the trickiest to trade and manage when in trades. The simple reason for this is: whilst trades can be found, when the 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 the price then breaks out you can look to get into the breakout.
Oil Daily and 4 Hour Charts
- Move, Pause and Break
The daily chart of this market has formed a textbook move higher in recent times.
It is not very often that price moves in such a clear pattern and we see price move > pause / consolidate and > continue.
Overall this is how the price action of the markets regularly behaves, however; it is not often we see it as clear as we can see here.
Price 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 price rotates back lower we could watch the old breakout highs to see if it acts like an old resistance and potential new support area.