Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Charts‘, (a true 5 day chart that aligns with the New York Close).
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Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Dot blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Weekly Forex Trade Ideas & Chart Analysis by Nial Fuller – September 3rd to 7th, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily candlestick chart time-frames unless marked otherwise.
EURUSD – Expecting a short covering rally to send prices higher
Summary: A huge false break below the support at 1.1535 has occurred, with the market now likely to head higher towards the 1.1750 to 1.1820 resistance levels. Price recently broke down below 1.1535 but quickly reversed higher, triggering a massive short covering rally. This has created a massive bullish fakey + pin bar on the monthly chart, a very bullish sign. Price has stalled initially at 1.1750 and is likely to test 1.1535 key level again before staging another aggresive move up.
Potential Trade Setup: Consider looking to buy around 1.1535 and 1.1620 area, and ride the market higher into the 1.1750 to 1.1820 levels or even higher, or wait for a price action buy signal to confirm an entry. We will update traders in the members daily trade ideas newsletter for potential trade ideas on EURUSD this week
AUDUSD – Bears defend 0.7320 key level and price sells off to new 52 week lows
Summary: A long term down trend remains in tact with nearby resistance at 0.7460 and 0.7320. As with recent weeks, it’s likely prices will continue experience sell pressure from the overhead resistance zone.
Potential Trade Setup: Consider selling short on any price strength whilst price remains contained under the 0.7320 to 0.7460 resistance zone, or wait for a price action sell signal on 4 hour or daily chart. We will update traders in the members daily trade ideas newsletter for potential trade ideas on AUDUSD this week.
CRUDE OIL – Bull market in tact after $64.20 support holds – prices surge higher
Summary: A strong up trend remains in tact with nearby support zone at $66.20 to $64.20 and overhead resistance at $70.34. Considering how strongly the market has bounced from $64.20, it’s likely prices will continue to experience buying pressure whilst price is above the above mentioned support. A break out higher through $70.34 will activate higher prices.
Potential Trade Setup: Consider buying on any price weakness around the $64.20 to $66.20 support zone, or wait for a price action buy signal on the 4 hour or daily time frame. We will update traders in the members daily trade ideas newsletter for potential trade ideas on Crude Oil this week
USDJPY – Bearish fakey pattern on daily chart warns of imminent downside move
Summary: Last week we saw a significant bearish fakey signal on daily chart, so this week we are expecting the market to move down into next key support range around at 109.30 t 109.77 area. The chart shows a key resistance area at 112.00 and 113.18 and a key support area at 109.30 and 109.77.
Potential Trade Setup: Consider selling on any price strength whilst price remains below the fakey signal high. We will update traders in the members daily trade ideas newsletter for potential trade ideas on USDJPY this week.
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