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 – June 17th to 21st, 2019
All charts illustrated are daily time frames unless marked otherwise.
Relevant Key Levels: Resistance 1.1325, 1.1430 and 1.1570. Support 1.1110
Price Action: The multiple Inside Bar pattern that formed at the 1.1325 area has broken down last last week.
Current Notes: We prefer to sell on strength whilst price remains below 1.1430 and 1.1570 key resistance levels.
Potential Trade Idea: We will consider selling short on a price action sell signal whilst price is below the 1.1325 and 1.1430 key short term resistance levels, targeting a move back to the recent low at 1.1110 and then potentially much lower.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
Relevant Key Levels: Support at $1180-$1220, $1237, $1266-$1280 and $1305-$1325 . Resistance $1355.
Price Action: A large bearish long tailed Pin Bar formed at $1350 resistance late last week. A bullish Pin Bar formed at support $1325 support recently.
Current Notes: Prices could see a short term pullback after the recent Pin Bar signal at $1350 resistance. The bias still remains bullish in the short term after a strong base was built around the $1266 to $1280 support area in the past few months. We still prefer buying on weakness whilst the $1280 to $1300 short term support area holds.
Potential Trade Idea: We will continue to consider buying Gold on a price action buy signal at or just above the $1300 to $1325 short term support area. We will also consider looking to buy on any pockets of weakness whilst prices remain above the $1280 to $1300 key support zone. Targeting a move back up to mid to high $1350’s area again.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
Relevant Key Levels: Resistance 0.6560, 0.6680, 0.6720, 0.6850 and 0.6970. Support 0.6500
Price Action: A Bearish Fakey pattern triggered last week, leading to a strong sell off.
Current Notes: The bias is bearish whilst price holds below 0.6680 to 0.6720 resistance zone. We prefer selling into pockets if strength whilst price is contained beneath this important price zone.
Potential Trade Idea: We will consider selling if price retraces back into the recent fakey setup’s region or we will consider selling on any pockets of strength whilst price remains under the 0.6680 to 0.6720 resistance area, targeting a move back to the 0.6500 to 0.6560 support area, and if we break down, possibly much lower.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
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