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(Update) S&P 500 Bullish Fakey Setup Triggers, NZDUSD Bearish Inside Bar Setup Failed

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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 Bullish Fakey Setup Triggers, NZDUSD Bearish Inside Bar Setup Failed – July 11th, 2019

(Update) S&P 500 Bullish Fakey Setup Triggers Bullish Break Out

Trend: Bullish

Relevant Key Levels: Support 2946-60, 2860-90, 2800, 2690-2730. Resistance 3000.

Price Action: The Bullish Pin Bar + potential Fakey we discussed in the prior trade idea update has triggered to the upside over the past 2 days. Price recently broke and closed strongly above the prior all-time high at 2960.

Current Notes: Prices are very bullish whilst prices remain atop the 2860-90 support zone. The long term bias is bullish whilst prices remain atop the 2800 major support area. Any retracement lower is likely to see strong support from buyers around 2860-2890 short term support area.

Potential Trade Idea: We will continue to consider buying from the current Fakey signal ‘event area support‘ (on any pullbacks towards 2960’s area support). Upside targets to 3000 area and beyond.

NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.

(Update) NZDUSD Bearish Inside Bar Setup Failed To Trigger Downside Move

Trend: Bearish

Relevant Key Levels: Resistance 0.6720, 0.6850 and 0.6940. Support 0.6490

Price Action: The Inside Bar break down we discussed in the prior trade idea update, has failed to produce any follow through to the downside. A bullish fakey is not viable to trade given the size of the mother bar. Price has collapsed after retesting the 0.6720 major resistance (also a prior event area where price collapsed lower).

Current Notes: Whilst 0.6940 major resistance holds, prices are likely to collapse back to recent lows at 0.6490 and potentially lower if we break that level. Short term resistance at 0.6720.

Trade Idea: We would consider selling on an obvious price action sell signal (such as a Pin Bar) at or just under the 0.6720 short term resistance, targeting a move back to 0.6490.

NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.

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