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 – July 22nd to 26th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Looking To Sell On A Retrace Into The Recent Pin Bar 50% Retracement Area
Relevant Key Levels: Resistance at 1.1325, 1.1430 and 1.1570. Support 1.1110.
Price Action: Price recently breaks down from the 50% zone of the Bearish Pin Bar, this same area was retested last week, with prices rejecting lower again. The 2 prior pin bars still act as short term ‘Event Area‘ resistance.
Current Notes: The longer-term trend remains bearish as prices remain contained below 1.1430 and 1.1570 long term key resistance levels. Short term resistance at 1.1325-45 area.
Potential Trade Idea: We continue to consider selling short from around the midpoint of the recent Pin Bar signal area (retrace into recent price action event area), targeting a move back to the recent low at 1.1110 to 1.1180 area, and then potentially much lower if that level fails.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GBPUSD – Looking To Sell After Retest Of Recent Fakey ‘Event Area’
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70 and 1.2770. Support 1.2430.
Price Action: Inside Bar formed late last week. A Giant Bearish Fakey also recently activated lower and remains active.
Current Notes: The bias remains very bearish whilst prices remain below the 1.2780 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength back into the recent Fakey Setup ‘event area’ (Current prices), targeting further declines towards 1.2400 and below.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
CRUDE OIL – Looking To Sell On Any Bounce Whilst Prices Remains Below $60.30 Resistance
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Inside Bar forms late last week (this inside bar has the potential to become a bearish fakey pattern).
Current Notes: Price had collapsed lower 2 weeks ago after testing the $60.20 resistance zone (prior event area). The bias is bearish whilst prices remain contained beneath the $60.20 to $63.20 major resistance zones.
Potential Trade Idea: We will continue to consider selling on a clear price action sell signal whilst price remains under the $60.20 to $63.00 resistance zone, targeting a move towards $54.00 to $55.00 area or potentially lower.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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