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 29th to August 2nd, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Sellers Remain In Control Under 1.1280 Level
Relevant Key Levels: Resistance at 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1110.
Price Action: An Inside Bar formed inside the huge ranged mother bar that bar formed at 1.1110 support. A very tight ranged Inside Bar had broken down early last week. Price recently breaks down from the 50% zone of a Bearish Pin Bar. 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 1.1280 and 1.1325-45 area.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst price remains below 1.1280 resistance, targeting a move back to the recent low at 1.1110, and then potentially much lower if that level fails.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GBPUSD – Bearish Inside Bar Setup Broke Down Strongly Late Last Week
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2820-70, 1.2770 and 1.2580. Support 1.2380 to 1.2430.
Price Action: Price broke down from the Inside Bar + Bearish Tailed Bar Combo Pattern we mentioned in our recent trade idea commentary. A giant Bearish Fakey recently activated lower 2 weeks ago, and remains active.
Current Notes: Price rotated towards the 21 day EMA last week, and repelled lower. The bias remains very bearish whilst prices remain below the 1.258o to 1.2780 resistance area.
Potential Trade Idea: We will continue looking to sell short on any pockets of strength whilst prices remain below 1.2580, targeting further declines towards 1.2400 and below. (The Inside Bar + Tailed Bar combo setup we had discussed in prior commentary remains active from last week).
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
CRUDE OIL – Multiple Inside Bar Pattern + Bearish Fakey Setup Likely To Trigger This Week
Relevant Key Levels: Support at $51.20, $54.00 to $55.00 Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: Multiple Inside Bars + Small Pin Bar have been present since last week. The prior Inside Bar pattern had false broken up and has the potential to become a Bearish Fakey Pattern if prices break back down below the mother bar.
Current Notes: Price had collapsed lower several 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 consider selling the Inside Bar pattern / Potential bearish fakey pattern from current prices in anticipation of a break down towards the $54.00 to $55.00 target area initially, then lower if these levels fail.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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