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.
USDJPY – Bearish Pin Bar + Inside Bar Combo Setup
Relevant Key Levels: Resistance 112.00, 111.00, 109.00, 107.80 and 106.80. Support 104.60
Price Action: Bearish Pin Bar forms inside larger Mother Bar, a break down below the pin bar low is a bearish signal. Price false breaks below the Inside bar earlier this week. False Break and reversal occurred at 109.00 resistance which has led to a subsequent collapse in prices back below 106.80 support.
Current Notes: Price rallied strongly mid this week but is being contained at overhead resistance. 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 (eg, a break below the pin bar low) 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.
EURUSD – Collapses After Bearish Inside Bar Breakdown
Relevant Key Levels: Resistance at 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1110 and 1.1020’s.
Price Action: Market had broken down from Multiple Inside Bars earlier this week. A bullish pin bar formed at the 1.1000 support level last week (not trading as counter-trend).
Current Notes: There is strong ‘event area’ resistance around the recent Inside Bar cluster where prices broke down from around 1.1180. The short term bias remains bearish as prices remain contained below 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any pockets of strength whilst price remains below the 1.1180 to 1.1280 resistance area (event zone resistance from where recent price action signal activation), targeting a move back to the 1.1100 level, and potentially to 1.1020’s.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
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