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.
Weekly Trade Setups Ideas & Chart Analysis By Nial Fuller – Jan 27th to 31st, 2020
EURUSD – Watching for sell signals whilst price is contained under the 1.1180 resistance level.
Relevant Key Levels: Resistance at 1.1180 and 1.1240 to 1.1280. Support at 1.0805, 1.0925
Price Action: Several Bearish Pin Bars that formed below 1.1180 resistance have sent prices lower over the past few weeks.
Current Notes: The long term bias remains bearish as prices remain contained below the 1.1180 to 1.1280 long term resistance range.
Potential Trade Idea: We will continue to consider selling short on any short term bounce in prices and/or after a bearish price action sell signal, whilst prices remain below the 1.1180 and 1.1280 resistance areas. Initial downside targets to 1.0925.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
AUDUSD – Watching for sell signals whilst price is contained under the 0.6930 resistance level.
Trend: Long Term Bearish
Relevant Key Levels: Resistance 0.7205, 0.7080, 0.7030 and 0.6930. Support 0.6700 to 0.6800’s area
Price Action: Price broke down from multiple bearish Pin Bars over the past 2 weeks and has continued to fall.
Current Notes: The bias is bearish whilst prices remain below the 0.7030 resistance levels.
Potential Trade Idea: We will consider selling short on a short term bounce in prices AND after a bearish price action sell signal forms at or under the 0.6930 to 0.7030 resistance area. Initial downside targets to 0.6800’s area.
NOTE – You can trade AUDUSD via the preferred trading platform we use HERE.
GOLD (SPOT) – Looking to buy on weakness whilst price remains atop the $1510 – $1525 support area.
Relevant Key Levels: Support at $1440 to $1450’s and $1510 to $1525 area. Resistance at $1610 to $1620 area.
Price Action: Price has moved up from the small Bullish Pin bar that formed 2 weeks ago around the $1540 level. Price recently surged into $1620 long term resistance and collapsed, forming a massive Bearish Tailed Bar Signal mid-last week.
Current Notes: The bias is mildly bullish whilst prices remain atop $1510 to $1525 key support area.
Potential Trade Idea: We will consider looking to buy on weakness whilst price holds atop the $1510 to $1525 short term support area and/or after a price action buy signal, targeting a move up to $1610 to $1620 the resistance level initially.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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