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Trade Ideas & Technical Chart Analysis by Nial Fuller, April 30th to May 4th 2018 » Learn To Trade


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EURUSD – Euro/dollar sells off and breaks through key support level

As we've discussed in recent weeks, the EURUSD was in a trading range for the last few months, oscillating between support and resistance levels. However, last week, price broke down through the key support of the range near 1.2150, ending the week below that level, effectively dismantling the trading range and giving control back to the bears, at least for now. Whilst under the recent swing high of 1.2415, the market remains in a short-term bear market and so we can look to sell strength within the 1.2215 – 1.2415 resistance range, only on a clear price action sell signal. We can look to target support near 1.1915 and be sure to check our daily members trade setups newsletter throughout the week for updates on potential EURUSD trades.

GBPUSD – Sterling/dollar sells-off following pin bar sell signal at resistance

The GBPUSD sold-off last week as the previous downward retrace has turned into a larger downward swing. Notice the bearish pin bar signal from last Thursday that clued us into a potential down-move which did eventuate on Friday. We discussed this sell-signal in our members commentary when it formed and many of our members get short as a result. Price has hit 1.3750 support, which was our target area for the short trade we discussed on Thursday. We'll now wait and see what happens early this week and potentially look to sell on strength up near 1.3960-90 resistance area on a clear signal should one develop.

AUDUSD – Aussie/dollar decline continues, looking for selling opportunity

The AUDUSD sold-off again last week as the decline that started up near 0.7810 resistance continued. We're looking to sell again this week, in-line with the daily chart downtrend that we can see is in place in this market. We're watching 0.7650 – 0.7810 value / resistance range for a price action sell signal this week to get short. We remain bearish below 0.7810 resistance.

Crude Oil – Oil consolidates after recent run higher but uptrend remains intact

Crude Oil consolidated last week following the recent push higher from the pin bar buy signal on April 17th which we discussed as a potential buy signal in our members commentary that day. Overall, there is an uptrend in place here that still looks very healthy and alive. We're continuing to watch for pull backs within the trend to be buyers from support. Traders can watch the 66.55 – 64.25 support range this week for price action buy signals to get long, in-line with the uptrend.

S&P500 – S&P500 U.S. stock index pops higher after bullish pin bar

The S&P500 popped higher last week following a bullish pin bar that formed off 2610.00 support on Wednesday. This fits nicely with our recent commentaries in which we were looking to buy on pullbacks to support levels. In the short-term, we could look to buy on another retrace lower, to near the low of the aforementioned pin bar (2610 area). We could wait for another price action confirmation buy signal whilst the market remains above the major support at 2530.

Want More Trade Setups Ideas &. Analysis? In the members’ daily trade setups newsletter, we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial’s Professional Trading Course here.

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