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 – Collapses From Pin Bar + Inside Bar Combo Pattern Under 1.2380 Resistance
Relevant Key Levels: Resistance 1.2380 and 1.2580. Support at 1.1990 and 1.2250
Price Action: Price broke down strongly from a Bearish Tailed Bar + Inside Bar Combo that formed at 1.2380. Bullish Pin Bar forms at 1.2250 Support Level several days ago. Price sold off from a large Bearish Pin Bar reversal that formed at the 1.2580 resistance area recently (Mentioned in Weekly Analysis Commentary here).
Current Notes: The trend still remains bearish whilst prices remain below the 1.2580 resistance area. If we eventually break back below 1.1990 level, the door can re-open to significantly lower prices.
Potential Trade Idea: We will consider selling short on a retracement higher and/or from a bearish price action sell signal at or just under the 1.2380 to 1.2580 resistance area. The initial downside targets 1.2250 and 1.2000.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
USDJPY – Potential Break Out From Inside Bar Pattern Above 106.80 Support
Relevant Key Levels: Resistance at 108.50 and 108.90. Support at 104.60 and 106.80.
Price Action: Another Inside Bar + Tailed Bar Combo has formed mid this week. Price broke up slightly from an Inside Bar that formed at 106.80. Bearish Pin Bar reversal formed just under 108.50 and 108.90 recently.
Current Notes: Price recently reconnected back into a sideways range between 108.90 and 106.80.
Potential Trade Idea: We will consider buying on a price action buy signal above the 106.80 support area (eg: Inside Bar break out). Upside Targets to 108.50 initially.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
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