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 3rd to 7th, 2019
All charts illustrated are daily chart time frames unless marked otherwise.
EURUSD – Sellers maintain control below 1.1260 key resistance.
Relevant Key Levels: Resistance 1.1490 and 1.1265. Support 1.1110
Price Action: Bullish tailed bar/Pin Bar Reversal forms at 1.1110 support recently and remains active. Prior bearish pin bar that formed at 1.1260 recently remains active.
Current Notes: We prefer to sell on strength whilst price is under the 1.1265 resistance area.
Potential Trade Idea: We will consider selling short on any pockets of strength towards 1.1265 resistance, 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.
USDJPY – Trend turns increasingly bearish as 109.00 support gives way to sellers.
Relevant Key Levels: Resistance 114.50 and 112.00, 111.00 and 108.50 to 109.00. Support 104.60.
Price Action: Price collapsed below 108.50 major support.
Current Notes: We prefer selling whilst price remains under 108.50 to 109.00 resistance, targeting a move down towards the old 104.60 support level.
Potential Trade Idea: We will consider selling on a Price Action Signal around 108.50 to 109.00 resistance, downside targets 104.60 area.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
GOLD – Price surges after multiple bullish price action signals.
Relevant Key Levels: Support at $1180-$1220, $1237, $1266-$1280. Resistance at $1305-$1310, $1325 and $1355.
Price Action: Pin bar + Inside Bar Signal that formed at $1280 support 10 days ago + A subsequent fakey signal several days ago have triggered a strong move higher.
Current Notes: After a strong base around $1266 to $1280 support, we still prefer buying on weakness whilst price holds above the $1280 support.
Potential Trade Idea: We will continue to consider buying Gold on any price weakness whilst prices hold above $1280 support level. Targeting a move back up to low to mid $1300’s.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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