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 27th to 31st, 2019
All charts illustrated are daily chart time frames unless marked otherwise.
EURUSD – Looking to sell Into strength whilst 1.1265 resistance continues to contain prices lower.
Relevant Key Levels: Resistance 1.1490 and 1.1265. Support 1.1110
Price Action: Massive bullish Tailed Bar / Pin Bar Reversal forms at 1.1110 Support. Prior bearish pin bar that formed at 1.1260 remains active.
Current Notes: Price could bounce from the current pin bar back towards overhead resistance. We prefer selling into any strength whilst prices are contained below 1.1490 resistance. The downside move targets the 1.1110 area and potentially lower.
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.
GBPUSD – Bearish price action continues after Fakey + Pin Bar combo sell signal forms last week.
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2870 and 1.2770. Support 1.2430.
Price Action: Bearish Fakey Setup + bearish pin bar that formed prior remains active.
Current Notes: We prefer to use any strength in prices to sell short whilst prices is contained under the 1.2865 to 1.2965 resistance zone, targeting a deeper rotation back towards the longer term support at 1.2430.
Potential Trade Idea: We will consider selling from the bearish fakey setup (waiting for a retracement to get short and allowing valid risk-reward), targeting a deeper rotation back towards the longer term support at 1.2430.
NOTE – Due to the ongoing BREXIT situation in the UK, we are not personally holding GBP related trades over the weekend presently.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
GOLD – Expect a decent bounce whilst the $1166-80 support area continues to hold firm.
Relevant Key Levels: Support at $1180-$1220, $1237, $1266-$1280. Resistance at $1305-$1310, $1325 and $1355.
Price Action: Inside Bar Setup forms late last week and appears likely to break up. Pin Bar + Inside bar that formed last week also broke up
Current Notes: The low of the current range is the $1266 to $1280 support area. We would prefer buying in that support region and expect a bounce back to $1305 if we can hold that support area. If support fails, we would avoid long positions, with a move below $1266 voids any buy signal.
Potential Trade Idea: If not already long from the current Pin Bar signal, we will again consider buying on any price weakness from within the current $1266 to $1280 resistance, Targeting a move back up to the $1305 area. A move below $1266 voids any buy signal.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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