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 – September 30th to October 4th, 2019
All charts illustrated are daily time frames unless marked otherwise.
EURUSD – Looking To Sell Whilst Under 1.1100 Resistance
Relevant Key Levels: Resistance at 1.1105, 1.1180, 1.1280, 1.1325. Support at 1.0805 and 1.0960
Price Action: Multiple Inside Bars pattern broke down recently.
Current Notes: The short term bias remains bearish as prices remain contained below the overhead 1.1105 to 1.1280 resistance.
Potential Trade Idea: We will consider selling short on any short term bounce in prices OR on a bearish price action sell signal, whilst price remains below the 1.1105 to 1.1180 resistance area. Initial downside targets to 1.0805.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
NZDUSD – Bearish Inside Bar Pattern Likely To Break Down
Relevant Key Levels: Resistance 0.6450 to 0.6485, 0.6560 and 0.6720. Support 0.6130
Price Action: An Inside Bar formed late last week. Price broke lower from a bearish Fakey signal 2 weeks ago.
Current Notes: The bias is bearish whilst prices remain below the 0.6450 to 0.6485 and 0.6560 resistance area.
Potential Trade Idea: We would continue to consider selling on a clear price action sell signal (eg: break down of inside bar), whilst price remains under the 0.6450 to 0.6485 resistance area, targeting a move back to 0.6130 initially.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
S&P 500 – Looking To Buy Whilst Above 2940 Support
Relevant Key Levels: Support at 2940 to 2960 and 2890 to 2915, 2860-90 and 2800 to 2825. Resistance at 3030 and 3000
Price Action: Bullish Tailed Bar formed late last week just above the 2940 key support level.
Current Notes: The market has sold off back towards the 2940 key support area. The recent break and close above the 2940 resistance had opened the door for a push back towards the old highs at 3000-3030 again. The bias remains very bullish whilst the long term 2800 to 2825 key support area holds firm.
Potential Trade Idea: We will consider buying on a clear price action buy signal at or above the 2940 support area (eg: bullish tailed bar signal or pin bar), Initial upside targets to 3000 and 3030.
NOTE – You can trade S & P 500 via the preferred trading platform we use HERE.
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