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 – August 5th to 9th, 2019
All charts illustrated are daily time frames unless marked otherwise.
GBPUSD – Bearish Trend Persists Below 1.2580 Major Resistance
Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430. Support 1.1990.
Price Action: A Bearish Pin Bar formed mid-last week around the recent lows. 2 small tailed bars form at the recent lows. Price broke down from a multiple inside bar cluster early last week.
Current Notes: Price recently tested the 21 day EMA briefly and repelled lower aggressively. The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength whilst prices remain below the 1.2400 to 1.2560 resistance area, targeting further declines towards 1.1990 to 1.2100 area.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
GOLD – Bullish Fakey Signal Triggers After Test Of $1400 Support Holds
Relevant Key Levels: Support at $1305-$1325, $1350, $1380 and $1400. Resistance at $1450 area.
Price Action: Giant Bullish Fakey forms on gold last week.
Current Notes: Price tests $1400 then bounces aggressively last week. The bias is still bullish whilst prices remain supported above the $1380 to $1400 key support levels. The strategy of choice continues to be buying on any pockets of weakness.
Potential Trade Idea: We will continue to consider buying Gold on any weakness OR on after a clear price action buy signal whilst price remains above the $1380 to $1400 short term support area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL – Bearish Fakey Sell Signal Triggers After False Break Of $57.50
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: A giant Bearish Fakey Setup triggered late this week.
Current Notes: The bias is bearish whilst prices remain contained beneath the $57.50 to $60.20 resistance level. Price had collapsed lower several weeks ago after testing the $60.20 resistance zone.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst prices remain below the $57.50 to $60.20 resistance area, targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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