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.
GBPUSD (Spot)
Trend: Bearish
Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2640. Support: 1.2250, 1.2020 and 1.1400.
Price Action: An Inside Bar formed at 1.2250 (watch for potential bearish Fakey Setup or clean break down). Price moved lower from the Bearish Tailed Bar that formed 2 weeks ago.
Current Notes: Price collapsed below both 1.2770 and 1.2640 levels activating a short term bear market recently.
Potential Trade Idea: We will consider looking to sell on any bounce in prices and after a price action sell signal to confirm, whilst prices remain below the 1.2640 resistance area. Targeting a move back down to 1.2250 to 1.2020 area and then possibly 1.1400.
NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.
GOLD (Spot)
Trend: Long Term Bullish
Relevant Key Levels: Support at $1445, $1535 to $1560 and $1640-60. Resistance at $1740.
Price Action: A bearish Pin Bar formed at $1750 area (potential for short term sell off back to $1660 support). Price broke up strongly from the Bullish Tailed Bar that formed at $1675 recently.
Current Notes: Short term support sits at the $1560 area and $1640-60 area.
Potential Trade Idea 1: We will consider looking to sell after a price action sell signal (Pin bar) at or just under the $1750’s resistance, targeting a short term move back to $1660 support area.
Potential Trade Idea 2: We will continue to consider looking to buy on any short term retracement lower and after a price action buy signal, whilst prices hold above the $1560 short term support area, targeting a move back up to $1740’s and beyond.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
CRUDE OIL (WTI Futures)
NOTE – We suggest traders reconsider holding WTI futures over the weekend, and if holding a trade at any point during the week, be explicitly aware the market can gap substantially and move quickly. Also, be aware of swap or roll over costs being extremely high at the current moment in time. Talk to your broker if you have questions or concerns.
Trend: Very Bearish
Relevant Key Levels: Support $6.00, $10.00, $18.oo. Resistance $36.30 and $41.50 (prior gap area)
Price Action: none
Current Notes: Price remains very bearish whilst under the $36.30 and $41.50 resistance levels.
Trade Idea: We will consider selling after a retracement higher and after a bearish price action sell signal, at either $36.30 or $41.50 resistance levels (old price gap), targeting a move back down towards the $28.00 and possibly $18.00.
NOTE – You can trade CRUDE OIL Futures via the preferred trading platform we use HERE.
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