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.
Weekly Trade Ideas & Chart Analysis by Nial Fuller – April 29th to May 3rd, 2019
All charts illustrated are daily charts unless marked otherwise.
NZDUSD – Selling opportunity as prices re-tests ‘event zone’ resistance around 0.6720
Relevant Key Levels: Resistance 0.6720, 0.6850 and 0.6970. Support 0.6560
Price Action: Price has collapsed and closed below 0.6720 support. The market broke down from a multiple inside bar pattern last week.
Current Notes: After collapsing below 0.6720, the momentum has turned quite bearish. Price is now bouncing back towards the price action ‘event zone’ around 0.6720, which could provide a selling opportunity. If the event zone holds, price should track towards the very low side of the long term range around 0.6560.
Potential Trade Idea: 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.
EURUSD – Down trend grinds lower as 1.1180 support caves to sellers.
Relevant Key Levels: Resistance 1.1490. Support 1.1180
Price Action: Price closed below 1.1180 major support last week.
Current Notes: A strong bearish bias remains in tact. We continue to prefer selling into any strength whilst prices are contained below 1.1490 resistance. The downside move targets the 1.1180 area and potentially lower.
Potential Trade Idea: We will consider selling on any pockets of strength or on another clear price action sell signal, targeting a move back to the 1.1180 area and potentially much lower.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
CRUDE OIL – Buying opportunity as price retraces to $60.30 major support area.
Relevant Key Levels: Resistance $66.60 and $63.40 Support: $60.30, $58.00, $54.50, $51.20
Price Action: Price broke down violently from the small Inside Bar that formed mid last week.
Current Notes: The long term bias remains mildly bullish. The Inside Bar that formed mid last week has led to a correction back towards $60.30 support and this could present a buying opportunity to rejoin the larger swing higher. We prefer buying on any weakness whilst price remains above the $60.30 key support level.
Potential Trade Idea: We will consider buying on any price pull back OR on a price action buy signal around the $60.30 support area, targetting $63.40 and $66.60.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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