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 23rd to 27th, 2020
USDJPY (Symbol USDJPY ON FXTRADING.com Platform)
Relevant Key Levels: Support at 107.80 and 101.20. Resistance 112.20.
Price Action: 2 Bullish Pin Bars form at the most recent highs, just under 112.20 resistance. Price broke up from an Inside Bar pattern mid last week.
Current Notes: Price surged and reclaimed the 107.80 key level (now support).
Potential Trade Idea: We will consider looking to buy on a pull back whilst prices hold above 107.80 support, OR after a price action buy signal, targeting a move back down to 112.20 and potentially higher.
NOTE – You can trade Spot USDJPY via the preferred trading platform we use HERE.
GOLD (Symbol XAUUSD ON FXTRADING.com Platform)
Trend: Long Term Bullish / Short Term Bearish.
Relevant Key Levels: Support at $1445. Resistance $1610 and $1690 to $1700.
Price Action: Price had formed Multiple Inside Bars within an extremely wide Tailed Bar, then broke up early this week (impossible to trade with realistic risk)
Current Notes: Price tested and held above the $1445-$1455 support level we mentioned as a potential buying area last week. There is now strong support at the $1455 area.
Potential Trade Idea: We swill consider looking to buy on a substantial retracement lower, whilst prices still hold above the $1445-$1455 major support area, targeting a move back up to $1610 and then $1690-$1700 area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
EURUSD (Symbol EURUSD ON FXTRADING.com Platform)
Relevant Key Levels: Resistance at 1.1400 to 1.1490, 1.1240 and 1.1110. Support at 1.0770 and 1.0630
Price Action: Price collapsed from a multiple Inside Bar pattern last week. 2 failed bearish Pin Bars formed at recent lows.
Current Notes: None
Potential Trade Idea: We will consider looking to sell after a price action sell signal at or just below the 1.1110 to 1.1240 resistance area. Targeting a move back down towards 1.0770 or 10630 levels.
NOTE – You can trade Spot EURUSD via the preferred trading platform we use HERE.
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