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.
GBPUSD – Looking To Sell If Potential Fakey Signal Triggers On A Break Down
Relevant Key Levels: Resistance 1.2820-70, 1.2770, 1.2580, 1.2380 to 1.2430 and 1.12250. Support 1.1990.
Price Action: False Break above Inside Bar early this week, could trigger a Bearish Fakey if prices break back down below the mother bar low. A counter-trend bullish Pin Bar that formed at the start of last week has triggered a move higher into the end of last week. (didn’t trade as counter-trend signal)
Current Notes: The bias remains very bearish whilst prices remain below the 1.2400 to 1.2560 resistance area.
Potential Trade Idea: We will consider selling short on any pockets of strength or if the potential Fakey signal triggers lower, whilst prices remain below the 1.2400 to 1.2560 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.
USDJPY – Looking To Sell Whilst Price Is Contained Under The 106.80 to 107.80 Resistance Range
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Inside Bar forms early this week (impossible to trade as a break out lower as the mother bar too wide). Prices broke down from the Pin Bar + Multiple Inside Bar pattern (discussed in prior commentaries). A False Break and reversal occurred at the 109.00 resistance level several weeks ago, leading to a subsequent collapse in prices below long term key levels.
Current Notes: Price rallied strongly last week but is being contained at overhead resistance. The bias has turned aggressively bearish last week, slicing back below the major 106.80 support level.
Potential Trade Idea: We will consider selling short on a clear price action sell signal or on any pockets of strength whilst prices remain below the 106.80 to 107.80 resistance zone, targeting a move to 106.80 and then 104.60.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
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