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.
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Weekly Trade Ideas & Chart Analysis by Nial Fuller – April 22nd to 26th, 2019
All charts illustrated are daily chart time frames unless marked otherwise.
EURUSD – Header lower again after multiple Inside Bar structure breaks down.
Relevant Key Levels: Resistance 1.1490. Support 1.1180
Price Action: Bearish Pin Bar Reversal Signal and Multiple Inside bars have seen prices break down late last week.
Current Notes: The bias is bearish beneath 1.1490 major resistance. We continue to prefer selling into any strength. The downside move targets the 1.1180 area and potentially lower.
Trade Idea: We will consider selling on any pockets of strength or on a clear price action sell signal, targeting a move back to the 1.1180 area.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
USDJPY – Potential break out from Pin Bar + Inside Bar combo pattern
Relevant Key Levels: Resistance 1114.50’s and 111.90’s. Support 109.70 to 110.00, 111.00 and 104.60.
Price Action: Small Pin Bar + Inside Bar Combo Pattern forms late last week.
Current Notes: Price held the recent test of 111.00 support and bounced aggressively. If price can break through 111.90’s resistance, the current upward swing is likely to see prices track towards the previous swing high around 114.50’s.
Trade Idea: We will consider buying the Inside Bar break out higher, OR on a clear price action buy signal within the 110.00 to 111.00 support zone. Upside targets 111.90’s and 114.50’s.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
NZDUSD – Likely to break lower from multiple Inside Bar structure
Relevant Key Levels: Resistance 0.6850 and 0.6940 and 0.6970. Support 0.6720 and 0.6560
Price Action: Multiple Inside Bar pattern forms late last week. Prior bearish Inside Bar break down (mentioned in last weeks analysis here) has seen prices collapse.
Current Notes: The momentum is now clearly bearish. Now that price has broken below 0.6720, we could easily collapse to 0.6560.
Trade Idea: We will consider selling the Inside Bar break down. As recent bearish price action signals have also activated lower, If not already short then we will consider being a seller on any pockets of strength targeting a move to 0.6560.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
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