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Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
AUDUSD – Spot
Key levels: 0.7562, 0.7636, 0.7675, 0.7705, 0.7806, 0.7838, 0.8006
Price Action: Yesterday, price sold-off from the 50% range of the Giant bearish Pin Bar signal that had formed just under the 0.7806 – 0.7838 key resistance zone earlier this week (Discussed in April 22nd members newsletter – Whilst this signal is counter to the recent short-term upward swing, it has formed within a broader recent sideways range so some traders might consider this a valid signal to consider shorts. The last giant bearish pin bar that formed up around 0.7800 resistance led to a sell-off in prices).
Potential Trade Idea:
Trade Idea 1: We are still considering selling short on a retracement higher to around the 50% range of the Giant bearish Pin Bar signal, whilst price remains below the 0.7806 – 0.7838 key resistance range.
Trade Idea 2: We are still considering trading longs on a deep retracement lower to around the breakout point of the recent Bullish Fakey setup (second chance entry), within the 0.7636 – 0.7705 support range.
NOTE – You can trade Spot AUDUSD via the trading platform we use HERE.
GBPUSD – Spot
Key levels: 1.3570, 1.3620, 1.3671, 1.3702, 1.3760, 1.3917, 1.4002, 1.4236
Price Action: Yesterday, price invalidated the bullish Pin Bar signal that had formed at the 1.3917 short-term support level earlier this week (We did not consider trading this signal, as we preferred to buy on a deeper pullback – discussed in April 22nd members newsletter). Earlier this week, price surged aggressively from the Bullish Fakey + Giant Tailed Bar setup that had formed within the 1.3671 – 1.3759 key support range late last week (Price initially false break down below the inside bar pattern that we discussed in the previous newsletter, before aggressively reversing back up to form a Bullish Fakey setup).
Potential Trade Idea: We are still considering trading longs on retracement lower to within the range of the Bullish Fakey + Giant Tailed Bar setup (second chance entry), whilst price remains above the 1.3671 – 1.3759 key support range.
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.