Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
USDJPY – Bullish Pin Bar Suggests Potential Break Out Likely
Trend: Bullish (short term)
Relevant Key Levels: Resistance at 108.50 and 108.90. Support at 104.60 and 106.80.
Price Action: Bullish Pin Bar forms at 108.50.
Current Notes: Price could explode higher if prices clear 108.90 overhead resistance. The recent break and close above 108.50 could see prices break out of the recent sideways congestion and activate a short term uptrend.
Potential Trade Idea: We will consider buying after a price action signal whilst prices remain above the 106.80 support area (eg: Inside Bar break out or Pin Bar signal) Upside Targets to 108.90 and then 110.000 and possibly beyond.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
GOLD – Potential Bullish Fakey Pattern To Trigger
Trend: Neutral (short term). Bullish (long term).
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450’s area. Resistance at $1525 to $1550.
Price Action: Bullish Fakey Pattern in the process of activating after a recent false break of an inside bar pattern. Prior Bullish Pin Bar forms with subsequent multiple inside bars, this pattern could still break up.
Current Notes: The short term bias moves to neutral. The long term bias is bullish whilst prices remain supported above the $1400 to $1440 key long term support area.
Potential Trade Idea: We will consider buying after a price action buy signal whilst prices remain above the $1440 to $1450’s support area (eg: Pin Bar or Fakey pattern), targeting a move back up to the $1500 level and potentially the $1550 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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