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.
Trend: Choppy / Sideways
Relevant Key Levels: Resistance at 1.1425-90, 1.1145 and 1.0980. Support at 1.0770 and 1.0630
Price Action: Small Bearish Pin Bar formed late last week. Bearish Pin Bar formed at 1.0980 level.
Current Notes: Short term sideways range between 1.1420-90 and 1.0630.
Potential Trade Idea: We will consider looking to sell after a price action sell signal whilst price remains under 1.0980 and 1.1145 resistance level. Targeting a move back down to 1.0770 or 1.0640.
NOTE – You can trade Spot EURUSD via the preferred trading platform we use HERE.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445, $1535 to $1565 and $1640-60. Resistance at $1740.
Price Action: There was a bullish Tailed Bars form at $1675 recently, and a bullish pin bar formed at $1675 weeks ago.
Current Notes: Short term support sits at the $1565 area and $1640-60 area. Price tested and held above the $1445-$1455 major support in the recent past.
Potential Trade Idea: We will continue to consider looking to buy on any short term retracement lower and after a price action buy signal, whilst prices hold above the $1565 short term support area, targeting a move back up to $1740’s (recent highs)
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL (WTI Futures)
NOTE – We suggest traders reconsider holding WTI futures over the weekend, and if holding a trade at any point during the week, be explicitly aware the market can gap substantially and move quickly. Also, be aware of swap or roll over costs being extremely high at the current moment in time. Talk to your broker if you have questions or concerns.
Trend: Very Bearish
Relevant Key Levels: Support $0, $6, and $10. Resistance $28.65, $36.30 and $41.50 (prior gap area)
Current Notes: Price remains very bearish whilst under the $28.65 and $36.30 resistance.
Potential Trade Idea: We will consider selling after a retracement higher and after a bearish price action sell signal, whilst prices hold below the $28.65 and $36.30 resistance levels, targeting a move back down towards the $20.00 region.
NOTE – You can trade CRUDE OIL Futures via the preferred trading platform we use HERE.
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