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 8th to 12th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Pin Bar + Inside Bar Combo Setup triggers sell off from 1.1300 resistance level
Relevant Key Levels: Resistance at 1.1325, 1.1430 and 1.1570. Support 1.1110.
Price Action: Pin Bar + Inside Bar (Combo), breaks down late last week (now 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.
Potential Trade Idea: We will consider selling short on a retrace back into the 1.1300’s ‘event area resistance’, 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.
GOLD – Looking to buy on the pull back to $1350 usd/oz support
Relevant Key Levels: Support at $1237, $1266-$1280 and $1305-$1325 and $1355. Resistance at $1400 to $1425 area.
Price Action: The Bearish Pin Bar that formed at the $1430 resistance activated a small correction lower last week.
Current Notes: Price may pull back in the short term, however, the bias is very bullish whilst prices remain supported above $1300 to $1325 (recent swing low).
Potential Trade Idea: We will consider buying Gold on a price action buy signal at or just above the $1325 to $1350 short term support area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
S & P 500 – Looking to buy on the dips, whilst 2890 support holds.
Relevant Key Levels: Support 2860-90, 2800, 2690-2730, 2600 and 2500-2550. Resistance 2946-60 area.
Price Action: Price recently breaks and closes strongly above the prior all-time high at 2960.
Current Notes: The bias is bullish whilst prices remain atop the 2800 major support area. Any retracement lower is likely to see strong support from buyers around 2860-2890 short term support area.
Potential Trade Idea: We will consider buying on a clear price action buy signal on a deeper retracement to around or just above the 2860-2890 support key level. Upside targets to 2946 to 2960.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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