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 – June 1st to 5th 2020
AUDUSD (Spot) – Trend Turns Bullish As Market Reclaims 0.6680 Level.
Relevant Key Levels: Resistance 0.7030. Support 0.6560 and 0.6375
Price Action: Price broke up from a multiple Inside Bar pattern that formed at the 0.6680 level.
Current Notes: The trend has moved to bullish with strong support at 0.6560 and 0.6375.
Potential Trade Idea: We will consider looking to buy after a price action buy signal whilst prices remain atop the 0.6375 to 0.6560 support area, targeting 0.7030. Watch the members daily newsletter this week for more trade ideas and updates.
NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.
GBPUSD (Spot) – Price Breaking Back Up Back To High Side Of Trading Range.
Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2640. Support: 1.2250, 1.2020 and 1.1400.
Price Action: Price broke up from a multiple Inside Bar pattern late last week right above 1.2250 short term support.
Current Notes: Price is trading in a range between 1.2640 and 1.2250.
Potential Trade Idea: We will consider buying after a price action buy signal above 1.2250, targeting a move to 1.2640 resistance area. Watch the members daily newsletter this week for more trade ideas and updates.
NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.
GOLD (Spot) – Buying The Dips Whilst Above $1660 Support.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445, $1535 to $1560 and $1640-60. Resistance at $1740-$1750 area.
Price Action: Price has moved up from a bullish Pin Bar that formed mid-last week well above $1660 support. A large bearish Pin Bar formed at $1740 2 weeks ago.
Current Notes: Short term support sits at the $1560 area and the $1640-60 area.
Potential Trade Idea: We will continue to consider looking to buy after a pull back and after a price action buy signal whilst prices hold above the $1660 short term support area, targeting a move back up to $1740’s and beyond. Watch the members daily newsletter this week for more trade ideas and updates.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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