Note On Charts: It’s imperative you are trading with a broker that offers ‘New York Close Charts‘, (a true 5 day chart that aligns with the true New York Close). Download a demo of our Preferred Broker & Charting Platform HERE.
Chart Commentary Disclaimer: This should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments.
Trade Ideas: AUDUSD Bullish Tailed Bar Signal & S&P 500 Index Double Bullish Pin Bar Signals – August 5th, 2020
AUDUSD (Spot) – Looking for a break up from the bullish Tailed Bar signal, towards 0.7395.
Short Term Trend: Bullish
Short Term Key Levels: 0.6560, 0.6670, 0.6970, 0.7050-60, 0.7200, 0.7395.
Price Action Signals: A bullish Tailed Bar Signal formed early this week above the 0.7050 support level. Price recently broke up from a small Bullish Pin Bar signal that formed just above the 0.7050-60 support area.
Potential Trade Idea: We will consider trading long from the bullish Tailed Bar whilst prices hold above the 0.7050-60 support area, in anticipation of a continuation higher towards 0.7200 and then potentially 0.7395.
NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.
S&P 500 (Cash) – Looking for a surge higher from the Double Pin Bar signals, towards 3398.
Short Term Trend: Bullish
Short Term Key Levels: 2800, 2970, 3140-50 area, 3210-20 area, 3398
Price Action Signals: Price is momentarily breaking up from the 2 successive Bullish Pin Bars that formed at 3210 support level late last week. The multiple Bullish Pin Bars that formed at the major 3140-50 support level several weeks ago have led to a massive surge higher (price action event area).
Potential Trade Idea: We will consider trading long after a pull back in prices whilst 3150 to 3210 support holds and/or after a price action buy signal to confirm an entry, in anticipation of a move higher back towards 3290 and then potentially 3398 (old high).
NOTE – You can trade S&P 500 Cash via the preferred trading platform we use HERE.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.
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