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Nial Fuller

Professional Trader, Author & Trading Coach

Weekly Trade Ideas & Technical Chart Analysis by Nial Fuller – July 3rd to 7th 2017

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EURUSD – Euro/dollar uptrend continues

We remain bullish on the EURUSD as we can see that week price surged higher after bouncing from 1.1120 support the previous week. During this powerful move higher, price easily took out the previous recent highs at 1.1290, a level that now becomes short-term support. Overall, price appears to be swinging up towards the long-term key resistance at 1.1500 – 1.1600 area and traders can look to buy on any weakness this week.

GBPUSD – Sterling/Dollar explodes higher

We had been a little uncertain on GBPUSD last week, however, after the market’s subsequent break higher our bias shifts to mildly bullish. Price has broken free from the 1.2820 resistance and now sits right at major resistance at 1.3040. We would prefer to buy on weakness around the 1.2820 area, as current levels pose risk right under major 1.3040 major resistance. Stay tuned to our members trade setups newsletter for updates on the GBPUSD throughout the week.

USDJPY – Dollar/yen stays buoyant after push higher

The USDJPY remains firm after recently trending higher following the bullish reversal off 109.00 long-term support. The market has sustained some upward momentum, breaking through into the high 112.90 area before consolidating. The support area this week sits between 111.00 and 111.80 and we can look to buy on any weakness around that area. However, if we close and fail 111.00 there there is downside risk in that scenario. If the uptrend remains in tact, there is upside targets at 112.90 and 114.40.

OIL – Crude Oil moves higher but approaching key resistance

In Crude Oil, price rallied further than most probably expected last week, but we do remain in a strong downtrend. There is major resistance between $46.80 and $47.20 and we also have the 50% retracement point of the last high to low swing arriving at $47.20 area. Traders can watch for clear price action sell signals forming up near that $47.20 to rejoin the downtrend.

SPI200 – SPI200 Australian Stock Index remains under pressure

We reiterate the same analysis as last week for the SPI200; price remains overwhelmingly pressured under 5800, traders can continue to look to sell short the SPI on any price strength whilst price remains contained beneath 5800 major resistance. This strategy has paid off for traders over the past few weeks. Until a strong close above 5800, expect more downside back into 5600 levels.

S&P500 – S&P500 sells-off from key resistance

Last week, we saw the S&P500 complete a full rotation down to test the support zone near 2400. We can see some strong selling occurred last week around 2440 resistance area, which is in fact still below the highs of the recent pin bar reversal signal on the daily chart. This week there are two ways to play the chart: We could sell blindly around the 2440-45 area and target a move back into 2400 – 2390 area. Alternatively, if we see a buy signal from 2390-2400 level, we could consider buying, targeting a move back into 2445.

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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. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.

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