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 2nd to 6th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Bearish Continuation Triggers As 1.1020 Major Level Fails
Relevant Key Levels: Resistance at 1.1020, 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.0805.
Price Action: Price breaks and closes below 1.1020 late last week, activating a bearish continuation. Event area resistance exists where a prior Pin Bar + Inside Bar Combo pattern had broken down from around the 1.1180 to 1.1280 resistance range.
Current Notes: We noted last week if we break below 1.1020, the door can open to a significant move lower. The short term bias remains bearish as prices remain contained below the overhead 1.1180 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength or from a bearish price action sell signal whilst price remains below the 1.1180 to resistance area (prior event zone resistance).
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
GBPUSD – Bearish Fakey Pattern Triggers Sell Off
Relevant Key Levels: Resistance 1.2580, 1.2380 to 1.2430 and 1.12250. Support 1.1990.
Current Notes: Prices are headed back down to re-test 1.1990 long term support, and if we break below this level the door opens to significantly lower prices. The bias remains very bearish whilst prices remain below the 1.2380 t 1.2430 resistance area.
Potential Trade Idea: We will consider selling short if prices move back up to retest the ‘event area‘ from the recent Fakey signal, whilst prices remain below the 1.2380 to 1.2430 resistance zone, targeting further declines towards 1.1990 area (and further if we break and close below this key level).
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
CRUDE OIL – Sellers Still Lurking Under $57.50 Resistance Zone
Relevant Key Levels: Support at $50.00 to $51.20, $54.00 to $55.00. Resistance $63.50, $60.30, $57.50.
Price Action: Over the past few days, price tested the $57.50 resistance area and sells off once again. A Bearish Pin Bar formed right under $57.50 resistance recently leading to a strong sell off. Price had re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower several weeks ago.
Current Notes: The bias is bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $57.50 to $60.20 resistance major zone.
Potential Trade Idea: We will consider selling short on any retracement higher whilst price remains below the $57.50 to $60.20 resistance area (market moved into this key resistance area recently and collapsed), targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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