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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

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By in Forex Trading Commentary on | 3 Comments
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EURUSD – Euro/dollar bulls trying to push prices higher

The EURUSD has built up momentum to just below 1.0670 key resistance, with a bullish daily pin bar reversal forming three days ago, as seen on the chart below. If price can break above that key resistance, we could see upside into 1.0875 area. That’s a higher risk trade, but one worth considering with a tight stop this week. However, given the long-term downtrend in place on this pair, we would also consider selling up near that 1.0875 key resistance level or slightly below on a price action sell signal.

GBPUSD – Sterling/dollar downtrend intact, but price at key support level

The GBPUSD consolidated last week, basically going nowhere and forming offsetting bullish and bearish pin bars. 1.2335 is still the key overhead level, and you can see that bearish pin bar from Thursday, in-line with the downtrend. However, we must also note that prices are testing the levels near 1.2100 that previously saw GBPUSD find strong support, so betting on any further downside here carries risk. We wouldn’t be fighting the trend just yet, but if a strong buy signal presented itself at this approaching support we would consider it a long position as well.

AUDUSD – Aussie/dollar bullish momentum builds, but approaching key resistance areas

The ‘line in the sand’ for AUDUSD sellers right now is 0.7505-0.7519 area. This resistance could attract sellers this week, however it’s important to note there is some strong bullish momentum behind the current up-leg and there is likely to be a ton of stop-loss orders above 0.7519, so we could see a temporary short-covering rally and ultimately an exhaustion move higher early this week. We will be on the look out for a sell signal as the market enters into these strong resistance zones (between 0.7519 – 0.7735). We will wait to see what happens here and will update members in our daily trade setups newsletter.

Gold – Gold rally from key support continues

After holding the key support at 1130.00 – 1140.00 that we have mentioned for weeks in our recent commentaries, the Gold market has continued to build a base and trend higher. Whilst above the aforementioned support, we still see potential upside into 1240.00 resistance area. Traders could consider buying on weakness or on a clean bullish price action signal this week.

S&P500 – S&P500 bullish trend intact, looking to buy the dips

The S&P500 consolidated last week, but whilst above 2227.00 and 2170.00 key support, the bulls remain strongly in control and the multi-year bull market continues. We did see a bullish pin bar on the daily time frame last Thursday, but given it’s position right against previous resistance and all time highs, it’s hard to know if this signal will produce any upside breakout. It might be a good idea to wait for a breakout and close higher before looking for another long entry or we could wait for a more substantial pull back into the 2227 support handle and look to get long there. Either way, this market is strongly biased to the upside and buying the dips remains the strategy of choice.

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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 15,000+ students since 2008. Checkout Nial's Professional Forex Course here.

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  1. Petrus July 31, 2017 at 3:15 pm

    Thank you.
    I would like to know your advice or suggestion on how swing traders who are using daily time frame dealing with gapping up or down that usually happen on Monday.

    Reply
  2. Samuel July 31, 2017 at 11:57 am

    Great analysis.. your insight into the market is always refreshing. Keep it up Neil

    Reply

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