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Trade Ideas & Technical Chart Analysis by Nial Fuller, April 9th to 13th 2018

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EURUSD – Euro/dollar grinds lower into key support zone

The EURUSD remains ‘trapped’ within a trading range between 1.2140 support and 1.2540 resistance. Last week, price moved slightly lower within this range and is now bordering on near-term support at 1.2250 with the key support zone at 1.2160 – 1.2140 not far below. We are still looking to buy this market as the underlying trend has been bullish in recent months. Traders can watch for price action buy signals from current levels down to 1.2140 this week to get long. We remain bullish above 1.2140 key support level.

GBP/USD – Sterling/dollar consolidating above key support

The GBPUSD moved sideways last week as it consolidates just above 1.3990 near-term support. This market looks to be in an upward swing after finding support a few weeks back at 1.3750 area, as a result, we retain a bullish bias above that 1.3750 level. Currently, price is resting just above 1.3990 and we can see it held firm there last week as it tested the level, bouncing up on Friday. There’s a key zone of support between 1.3990 and 1.3750 and we are looking for price action buy signals within that zone this week on a pull back in price. We could see this market head back to recent highs at 143.40 or above. Stay tuned to our daily members trade setups newsletter for updates on the GBPUSD throughout the week.

AUD/USD – Aussie/dollar downtrend intact

The AUDUSD continued to trend lower last week as it has for the last several weeks. Price reversed at 81.20 early this year and that has been the high so far. The market is currently in a short-term bear market and we see the potential for more losses into the coming days and weeks, given the current chart structure. Note, there were a couple of rallies into the 79.20 – 79.80 resistance area earlier this year which were greeted with strong sell pressure by bears. This week, we will continue to look to be sellers on any price strength whilst the price remains below 79.20 and 79.80 resistance zone. We can watch the 21 day ema (blue line) for sell signals as well, and we would target a move to the low-side of the range near 75.10 key support.

Gold – Gold remains buoyant above key support zone

Gold has been in a sideways congestion period between 1307 and 1360 in recent months, within the context of what appears to be a long-term uptrend. As with recent weeks, we continue to call Gold a long and see buying opportunities on pull backs in price to the 1307 to 1295 support range. We remain bullish on any pull backs whilst above that support range and will watch for price action buy signals and can expect a move up through recent highs near 1360.

S&P500 – S&P500 nearing key support / buy zone

Despite recent price weakness and what appears to be extreme selling, the S&P500 remains in a long-term bull market. Any price weakness in the recent times has presented a buying opportunity for patient traders as we can see by the aggressive bounces from support near 2530 in the chart below. As price approaches this previous major support of 2530, we won’t be surprised if the price bounces aggressively there as we could once again see strong buying from lower levels. There’s plenty of support near 2550 to 2515 and that is where we are focusing our attention this week for price action buy signals or potentially a blind entry which could result in a ‘trampoline’ effect of price moving significantly higher again.

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.





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