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.
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Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – April 8th to 12th, 2019
TECHNICAL PRICE ACTION ANALYSIS:
All charts illustrated are daily chart time-frames unless marked otherwise.
Relevant Key Levels: Resistance 1.1490. Support 1.1180 to 1.1220
Price Action: Double Inside Bar forms right above 1.1220.
Current Notes: The bias is bearish beneath 1.1490 major resistance. We continue to prefer selling into any strength. The downside move targets the 1.1180 to 1.1220 area and potentially lower if prices break through this key support zone.
Trade Idea: We will consider selling short if the Inside Bar pattern breaks down OR sell on any pockets of strength, targeting the 1.1180 to 1.1220 area.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
Relevant Key Levels: Resistance 0.6850 and 0.6970. Support 0.6720 and 0.6560
Price Action: The bearish Inside Bar discussed in the prior update has broken down and remains valid.
Current Notes: Price tested the 0.6970 resistance and is now rotating back down to the 0.6720 support area. If prices break below 0.6720, we could easily collapse to 0.6560
Trade Idea: We will consider being a seller on the Inside Bar break lower, OR sell on any pockets of strength whilst price remains contained under 0.6970 resistance, targeting a move to 0.6720 and 0.6560
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
Relevant Key Levels: Support at $1237, $1266, $1280. Resistance at $1305 and $1355.
Price Action: 2 Pin Bars have formed right above $1280 support.
Current Notes: If price holds the $1266 to $1280’s support area, then price could once again rotate back up to the $1305 and $1355 levels. Watch for clear price action signals around support.
Trade Idea: We will continue to consider buying the Pin Bar signal from support (prior update discussed buying the retrace of the first pin bar), targeting a move to $1305 initially and possibly $1355.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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