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 – May 13th to May 17th, 2019
All charts illustrated are daily charts unless marked otherwise.
EURUSD – Recent Pin Bar Sell signal continues to contain prices lower.
Relevant Key Levels: Resistance 1.1490 and 1.1265. Support 1.1110
Price Action: Massive bearish Pin Bar Setup from 2 weeks ago remains active.
Current Notes: A strong bearish bias remains intact. We continue to prefer selling into any strength whilst prices are contained below 1.1490 resistance. The downside move targets the 1.1110 area and potentially lower.
Trade Idea: If not already short from the bearish Pin Bar Setup, we will consider selling short on any pockets of strength, 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.
NZDUSD – Sellers remain in control under 0.6720 resistance.
Relevant Key Levels: Resistance 0.6720, 0.6850 and 0.6970. Support 0.6560
Price Action: Bearish Fakey Pattern commenced 2 weeks ago. Large bullish pin bar forms at 0.6560 support, but against the current trend.
Current Notes: The bias is bearish whilst price holds below 0.6720 resistance, thus we prefer selling into strength. Price is tracking towards the very low side of the long term range around 0.6560.
Trade Idea: If not already short, we will consider selling from the prior Fakey Pattern area to get short. Downside targets 0.6560 and below.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
CRUDE OIL – Short selling opportunity if $60.30 support collapses.
Relevant Key Levels: Resistance $66.60 and $63.40 Support: $60.30, $58.00, $54.50, $51.20
Price Action: Multiple Inside Bars continue to form inside the large mother bar.
Current Notes: A break back below $60.30 support, could trigger a quick collapse towards $58.00 or even lower towards $54.50
Trade Idea: We will consider being a seller if prices break below the multiple inside bar structure, targeting $58.00 and $54.50. Also watch for a bearish fakey sell signal if prices false break higher from the inside bar structure and then collapse back down.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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