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).
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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.
Weekly Forex Trade Ideas & Chart Analysis by Nial Fuller – Dec 17th to 21st, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
EURUSD – Looking bearish under 1.1455 resistance + bearish pin bar.
Summary: Price remains bearish whilst under the 1.1455 to 1.1530 resistance area, which is also an event area ever since the prior bearish pin bar activated.
Potential Trade Idea: Consider selling short on any short term strength whilst price is below the 1.1455 resistance area. Targeting a move to 1.1298 and then potentially lower.
GBPUSD – Looking bearish under 1.2780 resistance
Summary: Price remains subdued below the 1.2900 key resistance level and has recently collapsed back below the recent lows around 1.2660 area. Resistance is now present at 1.2780 and 1.2900 levels.
Last week we say the market break lower from a multiple inside bar structure that formed right next to a tailed bar (combo pattern).
Resistance has moved to the 1.2780 to 1.2920 region.
We prefer to sell on strength or on a price action sell signal from near or under 1.2920.
Potential Trade Idea: Consider short selling on any bounce, or on a price action sell signal from near or under 1.2780 to 1.2900 resistance area. Targeting mid 1.2500’s initially.
AUDUSD – Looking bearish after false break of 0.7320 key level
Summary: False break above 0.7320 re initiates our bearish view.
After a substantial bearish reversal, price has reconnected back under 0.7320.
We continue to prefer selling short on any pull back whilst price is contained under 0.7320 area.
Trade Idea: Considering selling short on any price strength whilst under 0.7320.
GOLD (Spot Gold) – Looking mildly bullish whilst $1215 major support holds.
Summary: Price continues to be supported above the $1215 support region, with price recently breaking back above $1237 support, activating a minor up trend (higher highs, lower lows)
We continue to prefer buying Gold on a pull backs whilst support at $1215 holds.
We are waiting for a price action signal to confirm an entry again.
Trade Idea: Consider waiting for a very clear bullish price action signal whilst price is above the $1215 support area, targeting a move back to $1237 and possibly $1265.
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