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.
EURUSD – Bearish Fakey Setup Triggers After Inside Bar False Break
Relevant Key Levels: Resistance at 1.1110, 1.1180, 1.1280, 1.1325, 1.1430 and 1.1570. Support 1.1020.
Price Action: A Bearish Fakey Setup + Pin Bar has developed after a false break of the prior Inside Bar late this week, (mentioned in prior commentary here). A break down here would be bearish. Market broke down from the Multiple Inside Bar pattern last week.
Current Notes: There is a strong ‘event area’ resistance around the recent Inside Bar cluster where prices broke down from around 1.1180 to 1.1280. The short term bias remains bearish as prices remain contained below the overhead 1.1280 resistance.
Potential Trade Idea: We will consider selling short from a bearish price action sell signal and/or on any pockets of strength whilst price remains below the 1.1180 to 1.1280 resistance area (event zone resistance), targeting a move back to the 1.1100 level, and potentially to 1.1020’s.
NOTE – You can trade EURUSD via the preferred trading platform we use HERE.
CRUDE OIL – Bearish Pin Bar Signal Breaks Down
Relevant Key Levels: Support at $51.20, $54.00 to $55.00. Resistance $66.60, $63.50, $60.30, $57.50.
Price Action: The Bearish Pin Bar that formed right under $57.50 resistance has triggered lower late this week (mentioned in prior commentary here). Price recently re-tested the event area resistance around the $57.50 to $60.20 area and rejected lower. Pin Bar + Inside Bar breaks up late last week (didn’t trade as counter-trend). A giant bearish fakey setup triggered several weeks from the same event area resistance near $57.50.
Current Notes: The bias is bearish whilst prices remain contained beneath the overhead $57.50 to $60.20 resistance area. Price had collapsed lower several weeks ago after testing the $60.20 resistance major zone.
Potential Trade Idea: We will consider selling short from a bearish price action sell signal and/or on any pockets of strength whilst price remains below the $57.50 to $60.20 resistance area (market moved into this key resistance area recently and collapsed again), targeting a move back to $54.00 and then $51.00.
NOTE – You can trade CRUDE OIL via the preferred trading platform we use HERE.
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