Weekly Trade Setups Ideas & Chart Analysis by Nial Fuller – July 6th to July 10th, 2020

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 – July 6th to July 10th, 2020

AUDUSD (Spot) – Price Looks To Break Out From A Recent Congestion Period.

Trend: Short Term Bullish

Relevant Key Levels: Support 0.6560 and 0.6670. Resistance 0.7030 and 0,7200.

Price Action: Price has finally started moving higher from the Inside Bar false break that formed at the 0.6805 short term support level 3 weeks ago.

Current Notes: The trend has moved to bullish with strong support at both the 0.6560 and 0.6670 level.

Potential Trade Idea: We will consider looking to buy on weakness and after a clear price action buy signal (eg: Pin Bar Signal or Inside Bar signal), whilst prices remain atop the 0.6560 and 0.6670 support area, targeting a move back up to the 0.7030 level and then potentially the 0.7200 level.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade Spot AUDUSD via the preferred trading platform we use HERE.

GOLD (Spot) – Multiple Bullish Pin Bars Signal A Bullish Trend Continuation Higher.

Trend: Bullish

Relevant Key Levels: Support: $1535 to $1560 and $1640 to $1660. Resistance at $1740 to $1765 area.

Price Action: Multiple Bullish Pin Bars have formed above the $1740 level over the past 2 weeks.

Current Notes:  The break out above the key $1765 resistance area is likely to see a continuation of the up trend. There is short term support at the $1640-60 area.

Potential Trade Idea: We will consider buying on any weakness in prices or after a price action buy signal to confirm an entry (eg: Pin Bar), whilst prices hold above the $1640 to $1660 support. Targeting a move to the $1800 area initially and then towards $1900.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.

GBPUSD (Spot) – Waiting For A Retest Of The Prior Pin Bar ‘Event Area’ Around 1.2640.

Trend: Short Term Bearish

Relevant Key Levels: Support: 1.2150 to 1.2250. Resistance: 1.2640 to 1.2770 and 1.3190.

Price Action: Small Pin Bar formed late week (not at confluent level). A bearish Pin Bar formed at the 1.2640 resistance level over 3 weeks ago. (now an event area)

Current Notes: Price is strongly contained below the prior Pin Bar event area around 1.2640. Price recently tested the top of the trading range around the 1.2640 resistance area and we are now heading back down towards the low side of the trading range around the 1.2150 to 1.2250 area.

Potential Trade Idea: We will consider selling on any strength and/or after a price action sell signal whilst price holds below the 1.2640 to 1.2725 resistance area (eg: Pin Bar or Inside Bar), targeting a move back down to the 1.2150 to 1.2250 support area.

Watch the members only daily newsletter this week for more trade ideas and updates.

NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.

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