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 – June 15th to 19th, 2020
Trend: Short Term Bullish / Long Term Neutral.
Relevant Key Levels: Support: 1.2150 to 1.2250. Resistance: 1.2640 to 1.2770 and 1.3190.
Price Action: Price sold off from a small Bearish Pin Bar late last week. Price broke up from a multiple inside bar pattern 2 weeks ago right above the 1.2250 short term support area.
Current Notes: Price attempted to break out above the 1.2640 resistance level and failed last week.
Trade Idea 1: We will consider selling after a price action signal whilst price holds below the 1.2640 to 1.2725 resistance area, targeting a move to the 1.2150 to 1.2250 support area.
Trade Idea 2: We will consider buying after a price action signal whilst price holds above the 1.2150 to 1.2250 support area, targeting a move to the 1.2640 to 1.2725 area and then possibly the 1.3190 area.
Watch the members daily newsletter’s this week for trade ideas and updates.
NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.
Trend: Short Term Neutral / Long Term Bullish
Relevant Key Levels: Support: $1535 to $1560 and $1640 to $1660. Resistance at $1740 to $1750 area.
Price Action: An Inside Bar formed at $1740 resistance late last week. Price has moved sideways ever since a large bearish Pin Bar that formed at the $1740 level, 4 weeks ago.
Current Notes: Price is consolidating after forming a short term top at the $1740 level. Short term support sits at the $1560 level and the $1640-60 support area.
Trade Idea: Watch the members daily newsletter’s this week for trade ideas and updates.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
HSI (Hang Seng Index) – Cash
Trend: Short Term Bearish
Relevant Key Levels: Support: 20000 to 21000 and 22550. Resistance: 25670.
Price Action: Price sold off after a small Pin Bar signal that formed around the 24870 to 25670 resistance area last week.
Current Notes: A trading range remains between 22500 level and the 2490o to 25670 resistance area.
Trade Idea: We will consider looking to sell on strength and after a price action sell signal around or just under the 24870 to 25670 resistance area. Watch the daily newsletter’s this week for trade ideas and updates.
NOTE – You can trade Hang Seng Index Cash via the preferred trading platform we use HERE.
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