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.
Weekly Trade Ideas & Chart Analysis by Nial Fuller – June 10th to 14th, 2019
All charts illustrated are daily chart time frames unless marked otherwise.
GBPUSD – Remains under strong pressure whilst 1.2970 resistance holds.
Relevant Key Levels: Resistance 1.3180, 1.2970, 1.2870 and 1.2770. Support 1.2430.
Price Action: Prices have sold off from the 2 small Bearish Pin Bars that formed under 1.2865 resistance last week. Prior Bearish Fakey setup + bearish pin bar remains active.
Current Notes: We prefer to sell on strength under the 1.2865 to 1.2970 resistance area.
Potential Trade Idea: We will consider selling on a bearish price action signal or any retracement towards the 1.2865 to 1.2970 resistance area, targeting a deeper rotation back towards old 1.2430 support.
NOTE – Due to the ongoing BREXIT situation in the UK, we are not personally holding GBP related trades over the weekend presently.
NOTE – You can trade GBPUSD via the preferred trading platform we use HERE.
NZDUSD – Potential move lower if bearish Fakey Pattern triggers this week.
Relevant Key Levels: Resistance 0.6680 0.6720, 0.6850 and 0.6970. Support 0.6500 to 0.6560
Price Action: An Inside Bar structure from last week now has the potential to trigger a bearish Fakey Setup.
Current Notes: The bias is bearish whilst price holds below 0.6680 to 0.6720 resistance zone, thus we prefer selling into strength whilst price is contained beneath this important price zone.
Potential Trade Idea: We will consider selling if the bearish Fakey setup triggers this week or we will consider selling on any pockets of strength whilst price remains under the 0.6680 to 0.6720 resistance area, targeting a move back to the 0.6500 to 0.6560 support area, and if we break down, possibly much lower.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
GOLD – Short term pull back in Gold provides potential buying opportunity from support.
Relevant Key Levels: Support at $1180-$1220, $1237, $1266-$1280 and $1305-$1310. Resistance $1325 and $1355.
Price Action: Pin bar reversal + Inside bar forms last week under the $1350 key resistance level (counter to bullish bias so won’t be trading this). Recently we had a Pin bar + Inside Bar signal that formed at $1280 support 2 weeks ago + A subsequent Fakey signal several days ago have triggered a strong move higher.
Current Notes: Prices could see a short term pullback after recent rejection off $1350 resistance. The bias still remains extremely bullish in the short term after a strong base around $1266 to $1280 support. We still prefer buying on weakness whilst $1280 support holds.
Potential Trade Idea: We will continue to consider buying Gold on a price action buy signal after a retracement, whilst prices remain above the $1280 key support level. Targeting a move back up to mid to high $1300’s.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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