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 – Recent Pin Bar + Multiple Inside Bar Combo Pattern Triggers Lower Prices. Looking To Sell On Strength Whilst The 106.80 to 109.00 Resistance Area Holds
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Prices broke down from the Pin Bar + Multiple Inside Bar pattern (discussed in prior weekly commentary). A False Break and reversal occurred at the 109.00 resistance level 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 or on any pockets of strength 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 – Recent Fakey Signal Fails. Looking For Another Sell Signal Whilst 1.1280 to 1.1350 Resistance Area Holds.
Relevant Key Levels: Resistance at 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1020.
Price Action: The Bearish Fakey discussed in the recent our commentary had initially triggered lower, however prices reversed dramatically higher into the end of the week, voiding the prior Fakey Signal.
Current Notes: There is a 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 the overhead 1.1280 resistance.
Potential Trade Idea: We will consider selling short from a bearish price action sell signal 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.
CRUDE OIL – Recent Pin Par Signal Triggers Lower Prices. Looking To Sell On Strength Whilst The $57.50 To $60.30 Resistance Holds.
Relevant Key Levels: Support at $51.20, $54.00 to $55.00. Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: The Bearish Pin Bar that formed right under $57.50 resistance has triggered a move lower last week (mentioned in prior commentary). Price recently re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower. A giant bearish fakey setup triggered several weeks from the same event area resistance near $57.50.
Current Notes: The bias is bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $60.20 resistance major zone.
Potential Trade Idea: We will consider selling short from a bearish price action sell signal and/or on any pockets of strength whilst price remains below the $57.50 to $60.20 resistance area (market moved into this key resistance area recently and collapsed again), targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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