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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.
GBPUSD – Spot
Key levels: 1.3564, 1.3668, 1.3759 – 1.3777, 1.4002, 1.4236
Price Action: Price surged higher last week after holding above the 1.3759 – 1.3777 major support zone. Price invalidated the Bearish Pin Bar signal early this week that formed just above the 1.3759 – 1.3777 support zone early last week (remember failed signals lead to potential explosive break-out moves).
NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.
AUDUSD – Spot
Key levels: 0.7562, 0.7620, 0.7705, 0.7806 – 0.7838, 0.8006
Price Action: Price formed a Bullish Pin Bar signal just above the 0.7620 short-term support level overnight. Price surged higher from the Bullish Fakey setup + Pin Bar signal that formed at the 0.7562 support level late last week (discussed in Last Friday’s newsletter). The price tested and held the 0.7562 major support level late last week.
Potential Trade Idea: We are considering trading longs on a retracement lower to within the range of the Bullish Pin Bar signal (traders may want to allow wider stop loss placement to ensure it is placed well below the tail of the Pin Bar), whilst price remains above the 0.7620 support level.
NOTE – You can trade Spot AUDUSD 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.