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 – Feb 24th to 28th, 2020
NZDUSD – Look to sell on any strength + watch for a price action sell signal.
Relevant Key Levels: Resistance 0.6750 and 0.6440-70 area. Support 0.6200’s
Price Action: Price broke down from an Inside Bar pattern last week.
Current Notes: The bias is bearish whilst prices remain below 0.6440-70 area and the 0.6750 major resistance area.
Potential Trade Idea: We will consider selling on any retracement and after a price action sell signal, whilst prices remain below the 0.6440-70 resistance area. Initial downside targets to 0.6200’s.
NOTE – You can trade NZDUSD via the preferred trading platform we use HERE.
GOLD (XAUUSD SPOT) – Look to buy on any weakness + watch for a price action buy signal.
Relevant Key Levels: Support at $1525 to $1540 area and $1610 to $1620 area. Resistance $1800 to $1850
Price Action: Prices exploded through the $1610 major resistance (now an ‘event area’ ). Price broke up from an Inside Bar pattern last week.
Current Notes: Prices remain supported atop $1610 key level.
Potential Trade Idea: We will consider looking to buy on weakness whilst price holds atop the $1610 key support area and/or after a price action buy signal, targeting a move up to $1800 to $1850 initially.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL (WTI CASH) – Look to sell on any strength + watch for a price action sell signal.
Relevant Key Levels: Support at $49.50 to $50.00. Resistance $59.45, $58.60 and $55.00
Price Action: Price fell from a Pin bar signal that formed at $55.00 resistance late last week.
Current Notes: Price remains under the significant resistance levels at $55.00 and $58.60’s
Potential Trade Idea: We will consider selling on a bounce in prices and after a price action sell signal whilst prices remain below the $55.00 resistance area, targeting a move back to the $49.50 to $50.00 area.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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