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: Long Term Bullish
Relevant Key Levels: Support at $1445, $1535 to $1560 and $1640-60. Resistance at $1740-$1750 area.
Price Action: An Inside Bar formed under $1740 late last week. A bearish Pin Bar formed at $1740 area early last week. (Potential for short term sell off back to $1660 support). (Discussed in Members Daily Newsletter Last Week)
Current Notes: Short term support sits at the $1560 area and $1640-50 area.
Potential Trade Idea 1: We will consider looking to sell after a price action sell signal (bearish Pin Bar or Fakey) at or just under the $1740’s resistance, targeting a short term move back to $1660 support area.
Potential Trade Idea 2: 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 $1560 short term support area, targeting a move back up to $1740’s and beyond.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
HSI (Hang Seng Index) – Cash
Relevant Key Levels: Support: 20000, 21000 and 22100. Resistance 24900, 25670 and 26850.
Price Action: Price sold off aggressively from the prior ‘event zone’ at 24900 last week (prior Pin Bar at key resistance level). (Discussed in Members Daily Newsletter last week)
Current Notes: The short term bias is Bearish below the 24900 to 25670 resistance zone. Long term chart shows a classic bearish head and shoulders pattern which has triggered lower.
Potential Trade Idea: We will consider selling on a retracement higher and after a price action sell signal, whilst price remains beneath the 24900 to 25670 area, targeting a move back towards the 23,000 and 22,100 levels initially area.
NOTE – You can trade Hang Seng Index Cash via the preferred trading platform we use HERE.
Relevant Key Levels: Resistance at 1.1145 and 1.0980. Support at 1.0770 and 1.0630
Current Notes: Price continues to rotate within a trading between 1.0770 and 1.0980 short term range.
Potential Trade Idea: We will consider looking to sell after a price action sell signal at the 1.0980 0r 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.
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