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).
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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 – Feb 25th to March 1st, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily time-frame charts unless marked otherwise.
GBPUSD – Bullish pin bar signal suggests potential rally this week.
Trend: Slightly bullish
Relevant Key Levels: Resistance 1.3290. Support 1.2660, 1.2800 and 1.2920
Price Action: Bullish pin bar forms just above 1.2920
Current Notes: If the bullish pin bar signal activates higher, prices could drift higher into 1.3290 overhead resistance.
Trade Idea: We may consider buying from the bullish pin bar signal, targetting the 1.3290 area.
NOTE – Due to the ongoing BREXIT situation in UK, we are not personally holding GBP related trades over the weekend presently.
NZDUSD – Bullish pin bar signal suggests potential rally this week.
Trend: Slightly Bullish
Relevant Key Levels: Resistance 0.6850 and 0.6970. Support 0.6700 and 0.6550
Price Action: Bullish tailed bar forms late last week right above 0.6700 support. Trading range remains between 0.6970 and 0.6700.
Current Notes: Bullish tailed bar signal could easily send prices higher to test 0.6970 or even higher if we break out higher this week.
Trade Idea: We will consider buying whilst above 0.6700 support, targeting 0.6970
GOLD – Inside bar signal suggest short term pullback to support, before a new swing higher commences.
Relevant Key Levels: Support at $1237, $1266, $1280 and $1305. Resistance at $1355.
Price Action: Inside bar forms late last week. Pin bar formed at the recent high.
Current Notes: The inside bar signal may trigger a move back into support at which point we may consider buying from support between $1280 to $1305. The current upward swing targets a move higher into $1355.
Trade Idea: Whilst $1305 short term support holds firmly, we will consider buying on any weakness, targetting a move to at least $1355.
CRUDE OIL – Minor bearish Fakey signal suggests short term pull back into support, before new swing higher commences.
Trend: Slightly Bullish
Relevant Key Levels: Resistance: $58.20. Support: $54.50, $51.20 and $42.30
Price Action: Small bearish fakey signal forms right under $58.20 resistance. The prior bullish pin bar remains intact at $51.20
Current Notes: Bearish fakey signal may send prices back down into $54.40 to $51.20 support area levels during this weeks session. We would consider using the price pullback as a buying opportunity from key support levels.
Trade Idea: We will consider buying on any weakness whilst the low of the bullish pin bar holds at $51.20, targetting $54.50 and then $58.20.
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