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Weekly Trade Setups Commentary by Nial Fuller – June 18th to 22nd, 2018

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Weekly Trade Setups Commentary by Nial Fuller – June 18th to 22nd, 2018

Note: – It’s imperative you are trading with a broker that offers New York Close Charts, (a true 5 day chart that aligns with the New Zealand open and New York Close) you can download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.

Chart Commentary Disclaimer:  Nial’s views and comments on the following markets and charts is not advice or a recommendation, it is for educational and general information only.

Technical Note: All charts illustrated are daily chart time frames unless marked otherwise.

EURUSD

Summary: Sellers have stepped in strongly at the 1.1835 resistance level last week, right around the resistance area have been watching closely for selling opportunities in recent recaps. The bear market in EURUSD has regained downside momentum last week and it appears price is headed down to the next support at 1.1509 or possibly lower.

View: We will look sell on a move up towards 1.1835 or after a 4 hour or daily price action sell signal to confirm an entry.

USDJPY

Summary: Buyers recently stepped in with strong bids around the 108.60 swing support area. A structured upward swing is now underway with prices looking to move into an important overhead resistance level up at 111.40.

View: Look to buy any price weakness this week whilst prices remain supported atop the 108.60 support area. The current momentum should see a move back to at least 111.40 with a break atop that level likely to see a stronger and sustained move higher.

Spot GOLD – XAUUSD 

Summary: Gold bears remain in control with prices selling off strongly from the pin bar reversal signal at the 1306 technical resistance level. We have been calling Gold lower in recent recaps and remain bearish given the unfolding price action.

View: We are looking to continue to sell Gold on any price strength whilst the market is contained under 1306 resistance. Consider a blind entry or wait for a 1 hour, 4 hour or daily price action sell signal to confirm an entry.

CRUDE OIL – WTI

Summary: After a strong bull market over the past few months, prices have commenced a consolidation period and are in the midst of testing the 61.98 to 63.87 technical support range.

View: We expect buyers to step in and mop up lower prices above that 61.98 major technical support level. Consider a blind buy entry without confirmation or alternatively look for a 4 hour or daily price action buy signal to confirm an entry. If 61.98 support holds, prices should recover to 66.47 area.

S&P 500 Index USA

Summary: Bulls remain firmly in control of the USA 500 Index, with each short-term sell-off being met with strong buying. The market has reached a substantial resistance region at 2793 last week and this could lead to a short-term consolidation back into the nearby swing support area between 2740 to 2705.

View: We would look to buy if price retraces back to retest the 2705 to 2740 support region and shows us a clear price action buy signal on the 1 hour, 4 hour or daily timeframe.

Members Get Our Latest Trade-Ideas & Analysis Every Day: In the members’ only daily trade setups newsletter, we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information visit the Trading Course Page Here.

Note: – It’s imperative you are trading with a broker that offers New York Close Charts, (a true 5 day chart that aligns with the New Zealand open and New York Close) you can download a Free 30-day Trial of the Broker & Charting Platform We Use HERE.

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