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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Weekly Trade Ideas & Market Analysis by Nial Fuller – March 6th to 10th 2017

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By in Forex Trading Commentary Last updated on | 2 Comments
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EURUSD – Euro/dollar shows some resilience at key support

The EURUSD rallied higher last week after holding 1.0500 key support for the 2nd time in two weeks. This level looks to be supporting the market in the short-term, so whilst above this level we could expect prices to drift mildly higher. However, we have no directional bias this week and will watch these three levels of significance this week; 1.0500 support, and 1.0677 resistance and 1.0830 resistance. We will be watching the market around these levels for trading opportunities this week and will update members in the members commentary as the price action unfolds.

USDJPY – Dollar/yen pushes higher after fakey pin bar signal

The USDJPY remains bullish after a false-break of the low side of range, down near 112.50 last week. Note, the bullish fakey and pin bar setup which propelled prices higher from 112.50 mid-week, last week. Whilst above recent lows at 111.60, the market appears mildly bullish. This week, we will favor the buy side above 111.60 to 112.50; buy weakness if an opportunity presents itself or subsequent price action signal re-confirms bullish bias. Targets to high side of range at 115.00 area.

GBPUSD – Sterling/dollar bears take back control

The GBPUSD broke down below support at 1.2400 area and headed down to test major long-term support levels near 1.2200 before bouncing into Friday’s close. The daily chart shows a small bullish tailed bar forming on Friday which suggests prices could move higher in the short-term, likely back to 1.2400 resistance, overhead. The play this week, could be riding longs from mid 1.2200’s up into 1.2400 or selling short near 1.2400, but we will need to wait for price action evidence on the 4 hour or daily chart before committing either way.

Gold – Gold pulls back, looking to buy the dip

Gold pulled back last week, moving lower within the overall uptrend we have been discussing. Note, on Friday, a small bullish pin bar formed, showing rejection of 1220.000 support area; a level we discussed last week as a potential buy area. If price holds above 1220.00 early this week, we could see the uptrend resume from this pin bar, however a failure of 1220.00 here could see prices head back to test 1180.00 again. The chart suggests 1180-1200.00 is a technical ‘line in the sand’ for the current short-term uptrend leg, buying the dips whilst above that major support is our plan of action this week.

S&P500 – No end in sight for S&P500 uptrend

In the S&P500, price pushed higher again last week, in-line with the overall uptrend we have been talking about in recent months. Prices remain very buoyant here, near the all-time highs, with no end in sight for the uptrend. Traders can still look to buy short term price dips whilst prices remain above short-term key support near 2336 and 2300. Stay tuned to our members trade setups newsletter for updates on this market.

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Professional Forex Course here.
  1. Rahmat March 6, 2017 at 3:13 pm

    Can I say dominant trend for USD/JPY is flat since mid Jan 2017, so I can entry sell at Resistance HH and entry buy at Support LL. Offcourse I will wait pa signal and confluence with the level line. Only my opinion..sorry if wrong.

    Reply
    • Nial Fuller March 7, 2017 at 6:39 pm

      That is also a valid idea, if there is confirmation.

      Reply

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