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 Setups Ideas & Chart Analysis by Nial Fuller – March 16th to 20th, 2020
GOLD (Symbol XAUUSD ON FXTRADING.com Platform)
Trend: Long Term Bullish / Short Term Bearish.
Relevant Key Levels: Support at $1445. Resistance $1610, $1650 and $1690.
Price Action: Price collapsed after a false break above the previous high at $1690. A Bearish Pin Bar formed mid last week, providing a further catalyst for massive declines into the end of last week.
Current Notes: There is major prior support at the $1445 area. Price collapsed below the $1650 and $1610 key levels (now short term resistance).
Trade Idea: We will consider looking to buy at $1445 after a price action buy signal, targeting a move back up to $1610 to $1650 area initially.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
AUDUSD (Symbol AUDUSD ON FXTRADING.com Platform)
Trend: Very Bearish
Relevant Key Levels: Resistance 0.6745 and 0.6445. Support 0.6200’s and 0.6000’s area.
Price Action: Price collapsed after a False break of an Inside bar setup (bearish fakey pattern), and a subsequent break down from an Inside Bar pattern, last week.
Current Notes: The bias bearish whilst prices remain below the 0.6745 resistance level.
Trade Idea: Whilst prices remain under 0.6745 resistance, we will consider selling short after a bounce in prices, and after a bearish price action sell to confirm an entry. Downside targets towards 0.6200′ and 0.6000.
NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.
S & P 500 (Symbol US500 ON FXTRADING.com Platform)
Relevant Key Levels: Support at 2320 and 2200. Resistance at 2735, 2870, 3020 and 3150-80 area.
Price Action: Price broke down from an Inside Bar pattern mid last week.
Current Notes: The bias is bearish whilst prices hold beneath 3020 and 3150-80 resistance area.
Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal whilst prices remain below the 3020 resistance area, targeting a move back towards 2870 to 2735 area and then potentially lower.
NOTE – You can trade S & P 500 Cash via the preferred trading platform we use HERE.
Get Daily Trade Ideas & Chart Analysis From Nial Fuller Every Day …
All Members of Nial Fuller’s trading courses & members area get access to Nial’s daily trade setups ideas newsletter. You will get potential trade ideas and technical chart analysis on Currency Pairs, Commodities, Stock Indices and more. For More Info Visit the Price Action Trading Course Membership Page Here.
Please Leave A Comment Below