Weekly Trade Ideas & Price Action Analysis by Nial Fuller – April 5th to 9th, 2021

Note On Charts: It’s important you are trading with a broker that offers New York Close Charts, (a true 5-day chart that aligns with the true New York Close).
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Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.

GBPUSD – Spot

Key levels: 1.3564, 1.3668, 1.3759 – 1.3777, 1.4002, 1.4236

Price Action: Price saw strong buying pressure above the 1.3759 – 1.3777 major support zone late last week. Price broke below the 1.3759 – 1.3777 support zone early last week and later re-connected back above that zone. A bearish Pin Bar signal formed at the 1.3759 – 1.3777 major support zone early last week, however, we did not consider trading this signal as it formed just above a major support zone.

Potential Trade Idea: We are still considering trading longs on a retracement in prices and from a price action buy signal, whilst price holds above the 1.3759-1.3777 support zone.

NOTE – You can trade Spot GBPUSD via the trading platform we use HERE.

USDJPY – Spot

Key levels: 104.90, 105.77, 106.20, 108.40, 109.29, 109.85, 111.70

Price Action: Price formed a multiple Inside Bar Pattern above the 109.29 – 109.85 support zone late last week. (This pattern is also a potential minor Fakey setup if prices break back above the mother bar, i.e A False break of the Inside Bar and reversal back up). Price broke higher from the Inside Bar + Pin Bar combo pattern that formed at the 109.29 support level early last week (discussed in last Tuesday’s newsletter).

Potential Trade Idea:

Trade Idea 1: We will consider waiting for a breakout above the multiple Inside Bar Pattern, whilst price holds above the 109.29 – 109.85 range.

Trade Idea 2: We are still considering trading longs on a pullback to within the range of the recent Inside Bar + Pin Bar Combo Pattern (second chance entry), whilst price remains above the 109.29 support level.

NOTE – You can trade Spot USDJPY via the trading platform we use HERE.

AUDUSD – Spot

Key levels: 0.7562, 0.7620, 0.7705, 0.7806 – 0.7838, 0.8006

Price Action: Price formed a Bullish Fakey setup + Pin Bar signal just above the 0.7562 major support level late last week (discussed in last Friday’s newsletter). Price tested and held the 0.7562 major support level late last week.

Potential Trade Idea: We are still considering trading longs from the Bullish Fakey + Pin Bar signal, whilst the price remains above the 0.7562 major support level.

NOTE – You can trade Spot AUDUSD via the trading platform we use HERE.

SPI 200 – Cash

Key levels: 6511, 6561, 6658, 6761, 6862, 6900, 6920

Price Action: An Inside Bar Pattern formed above the 6761 short-term support level late last week. Price saw strong buying pressure from the 50% range of the recent Bullish Tailed Bar that formed at the 6761 short-term support level mid-last week (discussed in the members newsletter last Thursday). Two bullish Long-Tailed Pin Bars formed at the 6658 key support level over the past few weeks (discussed in the members newsletter last Monday’s).

Potential Trade Idea:

Trade Idea 1: We are considering trading longs on a retracement lower to within the range of the recent Bullish Tailed Bar, whilst price remains above the 6761 short-term support level.

Trade Idea 2: We are considering trading longs on a breakout of the Inside Bar pattern, whilst price remains above the 6761 short-term support level.

NOTE – You can trade SPI 200 Cash via the trading platform we use HERE.

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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.