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 2nd to 6th, 2020
Relevant Key Levels: Resistance 0.6750 (major) and 0.6440-70 area. Support 0.6200’s
Price Action: Price collapsed from the Bearish Fakey Pattern that triggered last week (discussed in prior daily commentary). A subsequent bearish Pin Bar formed and prices fell further into the end of last week.
Current Notes: The bias is bearish whilst price remains below 0.6440-70 area and the 0.6750 major resistance area.
Potential Trade Idea: We will consider selling after a price action sell signal, whilst price remains below the 0.6440-70 resistance area. Initial downside targets to 0.6200’s and even lower
NOTE – You can trade Spot NZDUSD via the preferred trading platform we use HERE.
Trend: Bullish / Neutral
Relevant Key Levels: Support at $1525 (major) to $1540. Resistance $1690 (major)
Price Action: Price sold off from a large Bearish Long Tailed Pin Bar that formed at the recent high around $1690’s area.
Current Notes: Prices remain supported atop the $1525 to $1540 support area.
Potential Trade Idea: We will consider looking to buy after a price action buy signal at or just above the $1525 to $1540 support area, targeting a move back up to $1610 and then $1690’s.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
S & P 500
Trend: Long Term Bullish
Relevant Key Levels: Support at 2800 (major) to 2860. Resistance at 3160 to 3180 area, and 3398 (major)
Price Action: A significant Bullish Long Tailed Pin Bar signal forms at the 2850 level late last week. (major support)
Current Notes: The long term bias is bullish whilst price holds above the 2800 to 2860 area.
Potential Trade Idea: We will consider buying on a retracement lower AND after a clear price action buy signal (eg: Long Tailed Pin Bar) at or just above the 2800 to 2860 support area, targeting a move back towards 3160 o 3180 initially and potentially even higher.
NOTE – You can trade S & P 500 Cash via the preferred trading platform we use HERE.
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