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).
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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.
Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – Jan 14th to 18th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
EURUSD – False break out above 1.1490 could lead to decline back to 1.1300 area
Relevant Key Levels: Resistance 1.1615 and 1.1820. Support 1.1218 to 1.1300 and 1.1455 to 90.
Price Action: Price false break out above 1.1490. Reconnecting back down into the prior sideways range.
Current Notes: The bias is still mildly bearish beneath 1.1615 to 1.1820 resistance. We are still looking for sell signals from relevant resistance levels.
Trade Idea: On the sidelines until we see a new signal. Refer to members newsletter this week.
AUDUSD – Expect sellers to defend 0.7310-0.7380 resistance
Relevant Key Levels: Resistance 0.7310 to 0.7380, and 0.7200. Support 0.7000 and 0.6820
Price Action: Bullish pin bar from 0.6820 support. Recent false break above 0.7310 led to price collapse.
Current Notes: The bias is bearish beneath the 0.7310 to 0.7380 resistane zone. The bullish pin bar signal could send prices higher short term however prices are likely to be contained under resistance. We are looking for sell signals from relevant resistance levels.
Trade Idea: We will consider selling on a bearish price action signal from around 0.7200 to 0.7310. Targetting a move back to 0.7000. Refer to members newsletter this week
GOLD – The bulls will stay in control if $1237-66 support holds.
Relevant Key Levels: Support at $1266 and $1237 and $1215. Resistance at $1305 and $1355
Price Action: Multipe inside bars on daily chart (coiling inside bars). Major break above $1237 level activated new bullish swing higher.
Current Notes: The bias is bullish above $1237 to support. The coiling Inside bar structure likely to break up but beware major resistance overhead. We are looking for buy signals from relevant support levels.
Trade Idea: We will consider buying on a bullish price action signal from around $1237 to $1266 support range. Targetting a move to $1305 or $1355. Refer to members newsletter this week
S & P 500 – Expect the sellers to move in under 2690 resistance this week
Relevant Key Levels: Resistance 2600, 2690 and 2790. Support 2500-2550, 2440 and 2320.
Price Action: Bullish pin bar forms off 2400 which has led to prices recovering after recent collapse.
Current Notes: The bias is bearish beneath 2690 to 2790. The recent bullish pin bar signal has sent prices higher short term however prices are likely to be contained under resistance 2690 and 2790 resistance. We are looking for sell signals from relevant resistance levels.
Trade Idea: We will consider selling on a bearish price action signal from around 2600 or 2690. Targetting a move back to 2500-2550 to 2440 area. Refer to members newsletter this week
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