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 – March 16th to 20th, 2020
Trend: Long Term Bullish / Short Term Bearish.
Relevant Key Levels: Support at $1445. Resistance $1610, $1650 and $1690.
Price Action: Price collapsed after a false break above the previous high at $1690. A Bearish Pin Bar formed mid last week, providing a further catalyst for massive declines into the end of last week.
Current Notes: There is major prior support at the $1445 area. Price collapsed below the $1650 and $1610 key levels (now short term resistance).
Trade Idea: We will consider looking to buy at $1445 after a price action buy signal, targeting a move back up to $1610 to $1650 area initially.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
Trend: Very Bearish
Relevant Key Levels: Resistance 0.6745 and 0.6445. Support 0.6200’s and 0.6000’s area.
Price Action: Price collapsed after a False break of an Inside bar setup (bearish fakey pattern), and a subsequent break down from an Inside Bar pattern, last week.
Current Notes: The bias bearish whilst prices remain below the 0.6745 resistance level.
Trade Idea: Whilst prices remain under 0.6745 resistance, we will consider selling short after a bounce in prices, and after a bearish price action sell to confirm an entry. Downside targets towards 0.6200′ and 0.6000.
NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.
S & P 500
Relevant Key Levels: Support at 2320 and 2200. Resistance at 2735, 2870, 3020 and 3150-80 area.
Price Action: Price broke down from an Inside Bar pattern mid last week.
Current Notes: The bias is bearish whilst prices hold beneath 3020 and 3150-80 resistance area.
Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal whilst prices remain below the 3020 resistance area, targeting a move back towards 2870 to 2735 area and then potentially lower.
NOTE – You can trade S & P 500 Cash via the preferred trading platform we use HERE.
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