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 24th to 28th, 2019
All charts illustrated are daily time frames unless marked otherwise.
USDJPY – Bearish momentum as 107.85 key support fails.
Relevant Key Levels: Resistance 114.50 and 112.00, 111.00 and 108.50- 109.00 and 107.85. Support 104.60.
Price Action: Small Bearish Tailed Bar forms under 107.85 to resistance to 109.00 resistance area.
Current Notes: The bias is bearish whilst prices remain contained under the 107.85 to 109.00 resistance area, targeting a move down towards the old 104.60 support level.
Potential Trade Idea: We will consider selling on a price action signal around between the 107.85 to 109.00 resistance area, targeting a move down towards 104.60 area.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
NZDUSD – Potential selling opportunity as prices retest 0.6780 – 0.6820 resistance.
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 2 weeks ago which is acting as ‘event area’ resistance.
Current Notes: The bias is bearish whilst price holds below 0.6680 to 0.6720 resistance zone.
Potential Trade Idea: We will consider selling if price retraces back into the recent fakey setup’s (event area) at or around 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.
GOLD – Gold explodes higher after clearing $1350 USD/Oz. resistance level.
Relevant Key Levels: Support at $1237, $1266-$1280 and $1305-$1325 and $1355. Resistance at $1400-$1425 area.
Price Action: Price breaks above $1350 major resistance activating a bullish continuation. Bullish Pin Bar forms at support $1325 support recently.
Current Notes: Prices break above $1350 resistance and close strongly (now support). The bias is bullish 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.
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