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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. Dot 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 – September 17th to 21st, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily candlestick chart time-frames unless marked otherwise.
EURUSD – It All Depends On The 1.1535 Key Support Level.
Summary: Neutral Bias. 2 weeks ago, price recently broke down below 1.1535 but quickly reversed higher, triggering a massive short covering rally. This has created a massive bullish fakey setup + pin bar reversal on the monthly chart, a bullish sign.
Market holds support and is tracking higher, the bias remains bullish bias above 1.1535
Potential Trade Idea: Buy on any dips, or wait for a price action buy signal to confirm an entry above 1.1535.
GBPUSD – Inside Bar Break Out In Play As Price Reclaims 1.3000 Key Level.
Summary: Neutral Bias. Overhead key resistance levels at 1.3200 and 1.3295 and support at 1.2820 and 1.2660.
Inside bar setup on daily chart has broken to upside with the market reclaiming the 1.3000 resistance level on a closing basis.
Potential Trade Idea: Inside bar setup from last week has triggered, targeting a move into 1.3200 and 1.3295. Consider buying on any dip this week or wait for another price action signal to confirm an entry.
AUDUSD – Bearish Trend In Tact Under 0.7320 Resistance.
Summary: Bearish Bias. Long term down trend remains in tact with nearby resistance at 0.7460, 0.7320 and 0.7205. It’s likely prices will continue to experience sell pressure from the overhead resistance zone.
Price has popped up into the resistance range between 0.7205 and 0.7320, and we can see a bearish pin bar sell signal has formed, a sign prices could sell off again.
Potential Trade Idea: Consider selling short on any strength within the resistance range between 0.7205 to 0.7320.
CRUDE OIL – Bulls Maintain Control Above $66.20 Key Support.
Summary: With major support at the $64.20 to $66.20 range still holding firmly, the bias still remains bullish overall. Buying on any dips continues to be the strategy whilst support holds.
Potential Trade Idea: Consider buying on any price weakness whilst support at $66.20 support holds, or wait for a price action buy signal above this level on the daily time frame.
S&P 500 USA – Bullish Above 2860 Support.
Summary: Bullish Bias. Long term up trend remains in tact with nearby support levels at 2790 and 2860.
2860-70 support level holds, thus we remain bullish whilst prices are atop this level. Strong bullish tailed bar forms 2 days ago from 2860-70 support, now sending prices higher.
Potential Trade Idea: Consider waiting for a pull back in prices to buy or wait for price action buy signal on 4 hour or daily chart just above 2860-70 support.
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