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 6th to May 10th, 2019
All charts illustrated are daily charts unless marked otherwise.
EURUSD – Remains under sell pressure following bearish Pin Bar signal.
Relevant Key Levels: Resistance 1.1490 and 1.1265. Support 1.1110
Price Action: Massive bearish Pin Bar Signal from last week 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 – Heading lower after bearish Fakey pattern forms below 0.6720 resistance.
Relevant Key Levels: Resistance 0.6720, 0.6850 and 0.6970. Support 0.6560
Price Action: Bearish Fakey Pattern commenced last week.
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 from the prior Fakey Pattern, we would consider waiting for another bearish sell signal to get short. Downside targets 0.6560.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
S & P 500 – Looking to buy on weakness within the 2800 to 2860 support zone to rejoin the uptrend.
Relevant Key Levels: Resistance 2946. Support 2800-2860, 2690-2730, 2600, 2500-2550.
Price Action: None
Current Notes: The long term bias remains bullish above the 2690 to 2730 long term support. We would prefer buying on weakness around 2800’s to 2860’s short term support area. Watch for pullbacks in price to consider re-entering the current swing higher.
Trade Idea: We will continue to consider waiting for a price action buy signal to form within the 2800 to 2860’s short term support area before committing to fresh longs. Upside targets 2946.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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