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.
USDJPY – Bearish Pin Bar + Inside Combo Setup Could See Prices Break Down
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Pin Bar forms inside larger mother bar, and an inside bar forms within the pin bar (Multiple Inside Bar combo patterns). False Break and reversal occurred at 109.00 resistance several weeks ago, leading to a subsequent collapse in prices below long term key levels.
Current Notes: Price rallied strongly mid this week but is being contained at overhead resistance. bias has turned aggressively bearish last week, slicing back below the major 106.80 support level.
Potential Trade Idea: We will consider selling short on a clear price action sell signal (eg, a break out lower from the pin bar + inside bar combo) whilst prices remain below the 106.80 to 107.80 resistance zone, targeting a move to 106.80 and then 104.60.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
EURUSD – Sellers Remain In Control Under 1.1180 to 1.1280 ‘Event Area’ Resistance
Relevant Key Levels: Resistance at 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1110 and 1.1020’s.
Price Action: Market broke down from the Multiple Inside Bar pattern last week. A Bullish Pin Bar formed at the 1.1000 support level previously (not trading as against the trend).
Current Notes: There is strong ‘event area’ resistance around the recent Inside Bar cluster where prices broke down from around 1.1180 to 1.1280. The short term bias remains bearish as prices remain contained below 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst price remains below the 1.1180 to 1.1280 resistance area (event zone resistance), targeting a move back to the 1.1100 level, and potentially to 1.1020’s.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GOLD – Any Short Term Pull Back An Opportunity For Buyers Above $1380-$1400 Support
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450. Resistance at $1525
Price Action: Multiple Inside bars form within the Large Ranged Bar with an upper tail. The Inside Bar that formed 2 weeks ago saw prices break up only slightly, however, there was no further momentum follow-through yet.
Current Notes: After a large rejection off the highs around $1525 mid this week, prices may sell-off in the short term back into support, creating a potential buying opportunity. The bias is still bullish whilst prices remain supported above the $1380 to $1400 key support levels. The strategy of choice continues to be buying on any pockets of weakness.
Potential Trade Idea: We will continue to consider buying on a retracement, and after a clear price action buy signal (ideally a Pin Bar Reversal) whilst price remains above the $1380 to $1400 support area, targeting a move back to $1500 to $1525 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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