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.
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Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – March 25th to 29th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
EURUSD – Collapses from 1.1490 level immediately after inside bar structure.
Relevant Key Levels: Resistance 1.1490, 1.1615 and 1.1820. Support 1.1218 to 1.1300.
Price Action: The inside bar we mentioned in the previous update has seen prices break down aggressively.
Current Notes: The bias is still mildly bearish beneath 1.1490 major resistance, thus we continue to prefer selling into any strength. The downside move targets 1.1220 area and potentially lower.
Trade Idea: Traders can continue to consider selling short on strength whilst prices remain under 1.1490 resistance, targeting the 1.1220 area.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
AUDUSD – Sets up a sell signal after failed rally late last week.
Relevant Key Levels: Resistance 0.7380 and 0.7310. Support 0.6966 to 0.7000, 0.6820 and 0.6700.
Price Action: Bearish pin bar forms late last week. Multiple Inside bar structure on daily timeframe from several weeks ago.
Current Notes: A collapse below 0.6966-0.7000 key support area can open the door for lower prices rather quickly.
Trade Idea: We continue to be a seller on bearish price action signals whilst price remains contained under 0.7310 resistance, targeting 0.6966-0.7000 and then 0.6700.
NOTE – You can trade AUDUSD via the preferred trading platform we use HERE.
GOLD – Another Bullish Inside Bar signal in play early this week.
Relevant Key Levels: Support at $1237, $1266, $1280. Resistance at $1305 and $1355.
Price Action: Another inside bar forms on the daily timeframe. Price broke higher from the Inside bar pattern we discussed last week.
Current Notes: The bias is bullish above the $1266 to $1280’s support area. The current upward swing still targets a move higher into $1305 and $1355.
Trade Idea: Whilst the $1280’s support holds, we will consider buying on a clear price action buy signal on the daily chart, targeting a move to $1355.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
S & P 500 – A pull back in prices towards the 2690 area provides an opportunity.
Relevant Key Levels: Resistance 2820. Support 2600, 2690, 2500-2550, 2440 and 2320.
Price Action: None
Current Notes: A pullback would be healthy and a possible buying opportunity within the current upward swing. Whilst price holds above the 2690 support level we prefer buying on weakness where possible.
Trade Idea: Traders can continue to consider buying on any weakness whilst 2690 support holds. Wait for another price action buy signal on the 4 hour or daily chart. Upside targets 2820 to 2860 area.
NOTE – You can trade S&P 500 via the preferred trading platform we use HERE.
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