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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.
Weekly Forex Trade Ideas & Chart Analysis by Nial Fuller – Dec 10th to 14th, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily candlestick charts unless marked otherwise.
Summary: Price remains bearish whilst under the 1.1455 to 1.1530 resistance area, which is also an event area ever since the prior bearish pin bar activated. We continue to prefer selling short on strength whilst that resistance holds firm.
Price approaches the resistance layer between 1.1530 and 1.1455. We would expect sellers to defend this resistance area and push prices back down in the short term. Watch for sell signals.
Potential Trade Idea: Consider selling short on any short term strength whilst price is below the 1.1455 to 1.1530 key resistance area. Targeting a move to 1.1298 and potentially lower.
Summary: Price remains in a broader range between 1.2660 and 1.3295. There is also a key resistance area in the middle of the range around the 1.2920 to 1.3020 zone.
Price remains subdued below the 1.2920 key resistance level and has recently collapsed back towards the recent lows around 1.2700 area. We prefer to sell on strength or on a price action sell signal from near or under 1.2920.
Potential Trade Idea: Consider short selling on any bounce, or on a price action sell signal from near or under 1.2920 resistance. Targets mid 1.2700’s initially.
Summary: Price has found some support several times at 0.7207 recently, with prices now butting right up against 0.7320. If prices break out above 0.7320, we could see the market push towards 0.7470 resistance before stalling.
False break above 0.7300 re initiates our bearish view. Consider selling short on strength whilst under 0.7320 resistance
Potential Trade Idea: Considering selling short on any price strength whilst under 0.7320.
GOLD (Spot Gold)
Summary: Price continues to be supported above the $1205 to $1215 support region, testing this region last week and bouncing strongly.
Price has broken out above $1237 support. We continue to prefer buying gold on any weakness whilst support at $1215 holds.
Potential Trade Idea: Consider waiting for a very clear bullish price action signal whilst price is above $1205 to $1215 support area, targeting a move back to $1237 and possibly $1265.
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