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).
You Can Download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.
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.
Daily Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 31st, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily time frame candlestick charts unless marked otherwise.
EURUSD – Bearish signals form under 1.1490 resistance.
Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Current Notes: The bias is still mildly bearish beneath 1.1490 to 1.1615 resistance.
Potential Trade Idea: Consider trading the current sell signals and go short whilst 1.1490 resistance holds, targetting 1.1350 1.1200 area.
GOLD – Looking for potential buy entry on a pullback to support.
Key Levels: Support at $1237, $1266, $1280 and $1215. Resistance at $1305 and $1355.
Price Action: Major break above $1237 to $1266 resistance levels have activated new bullish swing higher several weeks ago, becoming the new line in the sand for bulls.
Current Notes: The bias is bullish above $1237 to $1266 support, we would prefer buying on any short term pullbacks. Target a move higher into the next resistance at $1305 and $1355, but beware a strong bearish reversal in this region is likely.
Potential Trade Idea: We will consider buying on a bullish price action signal that forms around relevant nearby support areas at $1237, $1266 or $1280ish, Targetting a move to $1305 or $1355.
CRUDE OIL – Still bearish under $58.20 major technical resistance.
Key Levels: $58.20 resistance. $54.50 and $42.30 support.
Price Action: A failed bearish pin bar last week activated a move to higher prices. Long term downtrend still remains after a major break down below $58.20 long term support level recently (now resistance).
Current Notes: The bias remains bearish beneath the $58.20 resistance level. We are looking for sell signals from near or just under resistance.
Potential Trade Idea: We will consider selling on a bearish price action signal from around /under the $58.20 resistance zone. Targeting a move back to $54.50 initially and potentially lower towards $50.00ish
Want Trade Ideas & Chart Analysis Every Day ? – All Members of Nial Fuller’s trading education courses get access to Nial’s members daily trade setups ideas newsletter. You will get potential trade ideas and detailed chart analysis on at least 10 Currency Pairs, Commodities, Stock Indices and more, every trading day. For more info visit the Trading Course Membership Page Here.
Note: – Download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.
Leave A Comment Below