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.
S&P 500 – Multiple Bullish Signals Above 2860-90 Support Area
Relevant Key Levels: Support at 2860, 2890 and 2800 to 2825. Resistance at 2970 to 2980, 3000 and 3030.
Price Action: Another giant Bullish Pin Bar with Large Tail has formed above 2860-90 support area. Prices also moved up strongly from a Bullish Tailed Bar that formed at the 2860 level previously.
Current Notes: A strong base has formed after prices held firmly at the 2860 to 2890 support area. The trend remains bullish whilst the long term 2800 to 2825 key support area holds.
Potential Trade Idea: We will continue to consider buying on a clear price action buy signal whilst prices remain above the 2860-90 support area. Initial upside targets to 2980 and 3030.
NOTE – You can trade S&P 500 via the preferred trading platform we use HERE.
USDJPY – Break Out Higher From Inside Bar Pattern
Trend: Bullish (short term)
Relevant Key Levels: Resistance at 108.50 and 108.90. Support at 104.60 and 106.80.
Price Action: Price has broken up strongly from an Inside Bar + Tailed Bar Combo.
Current Notes: A break and close above 108.50 could see prices break out of the recent sideways congestion and activate a short term uptrend.
Potential Trade Idea: We will consider buying on any weakness and after a price action signal whilst prices remain above the 106.80 support area. Upside Targets to 108.90 and beyond.
NOTE – You can trade USDJPY via the preferred trading platform we use HERE.
GBPUSD – Price Unexpectedly Surges, Prior Tailed Bar Signal Fails
Relevant Key Levels: Resistance 1.2780. Support at 1.1990, 1.2250 and the 1.2380 to 1.2580 area.
Price Action: The recent Bearish Tailed Bar ‘event area’ failed to contain prices. Previously a Bearish Tailed Bar + Inside Bar Combo had triggered a break down in prices.
Current Notes: Price surged higher and broke back above both 1.2380 and 1.2580 resistance levels. The longer-term bias is still bearish whilst prices hold below 1.2780 resistance, however, if we break and close above this level the trend may turn positive.
Potential Trade Idea: None.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
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