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.
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Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – April 1st to 5th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
EURUSD – Multiple bearish price action signals activate lower prices during the past 2 weeks. Expect further weakness.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1180 to 1.1220
Price Action: 2 sets of Inside Bars have broken down in the last 2 weeks.
Current Notes: The bias is bearish beneath 1.1490 major resistance, thus we continue to prefer selling into any strength. The downside move targets 1.1180 to 1.1220 area and potentially lower.
Potential Trade Idea: We will continue to consider selling short on strength OR on a price action sell signal, whilst prices remain under 1.1490 resistance, targeting the 1.1180 to 1.1220 area.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
USDJPY – A bullish price action signal has formed right above the long term technical support area around 110.00. Price may start to recover from here.
Relevant Key Levels: Resistance 1114.50’s and 111.90’s. Support 109.70 to 110.10 and 104.60.
Price Action: The Bullish Pin Bar that formed around 110.00 support (discussed in prior update), has potentially triggered the start of a new move higher late last week.
Current Notes: Price has held the 109.70 to 110.10 support area for the moment. If we can hold here and start a recovery of the previous swing higher, the first upside target would be the 111.90’s area initially.
Potential Trade Idea: Whilst the 109.70 to 110.00 support area holds, we will consider buying on a clear price action buy signal on the daily chart, targeting a move to 111.90’s area
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
S & P 500 – A bullish price action signal has formed right above the 2800 technical support area. Prices are likely to track higher from here.
Relevant Key Levels: Resistance 2860. Support 2790-2820, 2690, 2600, 2500-2550, 2440 and 2320.
Price Action: The Inside Bar we discussed in the prior update has broken up late last week. Pin bar also formed several days back at 2790 support.
Current Notes: Strong up trend remains in tact. Whilst price holds above the 2690 support level the bias is bullish and we would prefer buying on weakness.
Potential Trade Idea: We would continue to consider buying on a clear price action buy signal OR on any weakness whilst 2690 support holds. Upside targets 2820 and 2860 area.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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