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 Ideas & Chart Analysis by Nial Fuller – September 23rd to 27th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Bearish Price Action Signals Under 1.1105 Resistance
Relevant Key Levels: Resistance at 1.1105, 1.1180, 1.1280, 1.1325. Support at 1.0805 and 1.0960
Price Action: Multiple Inside Bar Pattern and an Inside Bar + Pin Bar Combo pattern forms last week. A small bearish Pin Bar formed at 1.1100 resistance recently and remains in tact.
Current Notes: The short term bias remains bearish as prices remain contained below the overhead 1.1180 to 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any short term bounce in prices OR on a bearish price action sell signal, whilst price remains below the 1.1180 to 1.1280 resistance area. Initial downside targets to 1.0805.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
NZDUSD – Significant Technical Failure Of 0.6270 Support
Relevant Key Levels: Resistance 0.6400, 0.6485, 0.6560 and 0.6720. Support 0.6130
Price Action: Price closed below the 0.6270 major level week. Price moved lower from a small bearish tailed bar last week. Price broke lower from a bearish Fakey signal 2 weeks ago.
Current Notes: The bias is bearish whilst prices remain below the 0.6485 to 0.6560 resistance area.
Potential Trade Idea: We will continue to consider selling on any short term bounce in prices OR from a clear price action sell signal whilst price remains under the 0.6400 t 0.6485 resistance area, targeting a move back to 0.6130 initially.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
CRUDE OIL – Watch For The Gap Fill As Potential Buy Zone
Relevant Key Levels: Support at $53.00 to $55.00 and $57.50. Resistance at $63.50 and $66.50 area.
Price Action: A huge gap up in prices occurred last week, followed by a sell-off in prices to start filling that price gap.
Current Notes: Price appears to be trying to fill the recent gap in prices (moving back to $55.00 event area, where the gap commenced). This area may act as a short term support area when it is re-tested.
Potential Trade Idea: We will consider looking for a Price Action Buy Signal around the $55.00 key level (gap-fill event area), targeting a move back up to the $57.50 to $60.30.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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