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.
GOLD (Spot) – Potential Bullish Fakey Setup + Pin Bar Forms Early This Week.
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445 and $1535 to $1565 and $1590. Resistance $1690 to $1700.
Price Action: The start of a bullish Fakey Setup + Pin Bar formed early this week, just above $1690.
Current Notes: Short term support remains around the $1535 to $1565 area. Price tested and held above the $1445-$1455 major support in the recent past.
Trade Idea: We will continue to consider looking to buy on any short term retracement lower and after a price action buy signal (Start of Fakey + Pin Bar had formed early this week), whilst prices hold above the $1535 to $1565 short term support area, targeting a move back up to $1700 and then $1745 (recent highs)
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
USDJPY (Spot) – Multiple Inside Bar Cluster Breaks Down.
Relevant Key Levels: Support at 101.15, 104.80 and 107.00. Resistance 111.70 to 112.00
Price Action: The multiple Inside Bar cluster broke down early this week.
Current Notes: A short term sideways range exists between 112.00 and 101.15.
Trade Idea: We had previously considered looking to trade the break out from the Inside Bar pattern (already triggered). Downside targets 106.70 and potentially lower.
NOTE – You can trade Spot USDJPY via the preferred trading platform we use HERE.
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