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Nial Fuller

Professional Trader, Author & Trading Coach

Weekly Trade Setups Ideas & Chart Analysis – December 19th to 23rd

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By in Forex Trading Commentary Last updated on | 2 Comments

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EURUSD – Euro/dollar remains extremely weak

As we have been discussing in our recent members’ daily market commentaries, a strong downtrend remains intact in the EURUSD and we are looking to sell, to trade in-line with that trend. Notice the large bearish weekly pin bar on the weekly chart below, this pin remains activated and is a reflection of the stranglehold bears have on this pair right now. Price is likely headed down to parity (1.00) and traders can look to use pockets of strength to get short. Notice the containment zone between 1.0530 – 1.0670, watch for price action sell signals near that zone or the 8 and 21 day EMA layer. Stay tuned to our members area for daily updates on the EURUSD.

AUDUSD – Aussie/dollar false-break leads to price collapse

In recent commentaries, we warned that the AUDUSD could sell-off if it stayed contained under 0.7505 key resistance level. After a final attempt to crack 0.7505, price false-broke and has subsequently collapsed lower late last week. Bears are clearly in control of this pair right now and we remain firmly bearish on this market and looking to sell. Traders can watch for any strength this week for selling opportunities whilst price is under 0.7505 key resistance level.

Crude Oil – Bulls still in control of Crude Oil for now

As we have discussed in recent Crude Oil commentaries, this market is currently trending higher and as we can see below, price is remaining buoyant above the previous mentioned support at 49.30. We saw price test the recent highs at $52.00 and move above before retracing lower last week. Price is now consolidating just above that $49.30 support before its next move. From here, we would ideally wait for a clean price action buy signal before re-committing to longs, or more experienced traders of crude might like to play longs intraday whilst price is still supported at or above 49.30 vicinity. Look to buy on weakness whilst trend is intact.

S&P500 – S&P consolidates before potentially pushing higher again

The S&P500 has been in a very strong uptrend for weeks now, which we have discussed in our recent commentaries. The uptrend remains intact with price strongly bid after breaking up through 2212 recently. Last week, we saw an inside bar setup indicating a move is imminent. We might see a false break lower followed by a strong recovery (fakey; inside bar false break) which is something to watch for early this week. Alternatively, we will watch for a subsequent price action buy signal on any pullback in the market. We expect prices to rotate back towards recent highs of core near-term support at 2212. Follow our members daily market commentaries for updates on potential S&P500 trade setups.

Want More Trade Setups Analysis ? In the members’ daily trade setups newsletter we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.

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.
  1. Vinetics C Cream January 15, 2017 at 12:01 am

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  2. Hesam heshmati January 9, 2017 at 8:28 pm

    thanks a lot sir


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