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Chart Commentary Disclaimer: Nial’s views on the Charts isn't advice or a recommendation to trade or invest, it's 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 – November 26th to 30th, 2018
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily candlestick charts unless marked otherwise.
EURUSD – Bearish under 1.1615 resistance
Summary: Price has now broken below both 1.1615 and 1.1535 support zones, activating a bearish leg lower. Price remains contained under the 1.1535 to 1.1615 resistance area and thus we continue to prefer selling short on strength whilst that resistance range holds firm.
The bias remains bearish under 1.1535 to 1.1615 resistance, we continue to prefer selling on any pockets of strength.
Trade Idea: Consider selling short on any short term strength whilst price is below the 1.1535 to 1.1615 key resistance area. Targeting a move to 1.1298 and potentially lower.
USDJPY – Bullish above 112.05 support
Summary: The market is grinding higher after forming a base around 112.05 support, likely targeting a move back towards the old high around 114.50’s
We've seen 2 small tailed bars form last week, right above 112.05 major support discussed prior, this has seen prices push higher.
As per our recent updates, we still prefer to buy on any dips whilst price is atop 112.05 major support. On a clear buy signal. The upside targets remain 114.50 or potentially higher.
Trade Idea: Consider buying on the dips whilst prices are above the 112.05 support area or on a price action buy signal, targeting a move back to 114.50’s (recent highs).
GOLD (Spot Gold) – Bullish above $1205 to $1215 support
Summary: rice has recently faded back from $1237 resistance, into the $1205 support area.
Price had initially failed $1205 but has reconnected back above that level late last week. We'll watch the market as price action develops. Keep and eye out for a clear buy signal between $1205 to $1215.
Trade Idea: Consider waiting for a very clear bullish price action signal within the $1205 to $1215 support area, targeting a move back to $1237 and possibly $1265.
S&P 500 USA – Bearish below 2790 resistance
Summary: Bearish bias activates as support at 2690 fails. Major resistance at 2790 to 2860 area. Major support sits at 2650-90 area and 2550. From here it’s likely the market will remain volatile so we can play both sides of the market.
Price is at the lower side of a technical range around 2630. We could see a bounce early this week.
We still prefer selling short on any pockets of strength whilst prices are contained below the 2790 to 2860 resistance area. Targeting 2600-2630 initially.
Trade Idea: Traders can consider selling short on a clear sell signal on the 4 hour or daily chart around or just under the 2790 to 2860 resistance area. Targeting a move back to 2600-26300 area.
NOTE – We suggest traders avoid holding long positions (buys) over the weekend.
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