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Weekly Forex Trade Setups Ideas by Nial Fuller – February 5th to 9th, 2018
EURUSD – Euro/dollar continues trending higher
Last week in the EURUSD, price pushed higher again, albeit with more subdued gains than the previous week. However, the trend is still up overall and as we have been discussing in recent commentaries we are looking to buy this market on pull backs to support. We are now watching 1.2335 near-term support, the 21 day ema (blue level) and down to 1.2090 area for price action buy signals on a rotation lower (pull back) this week.
GBPUSD – Sterling/dollar consolidates after strong run higher
The GBPUSD traded up near recent highs last week until Friday when it sold-off modestly lower. This market is holding its own and we see good potential for the recent uptrend to continue, an uptrend that has been in place basically since mid-2017. Thus, we remain bullish biased and our strategy of choice is to look for a 1-hour, 4-hour or daily chart time frame buy signal from value / support after a pull back. Our focus areas this week is last week’s lows near 1.3977 all the way down to 1.3655 support; watch for price action signals to get long from within or just above that zone.
USDJPY – Dollar/yen bounces at support, may move up to resistance sell-zone
We had recently been discussing that USDJPY could find support at 109.00 – 108.00 area, and we can see that price has found support and rallied significantly from that area, and we now find prices headed into the 111.45 to 112.00 resistance. This week we will be watching for sell signals in that resistance region should price rally up to it.
Gold – Gold pulling back after recent swing higher
Gold struggled last week up near long-term resistance at 1365.00 area (a resistance target we discussed back in our January 8th commentary), and we are a seeing a pull back begin on the daily chart below. We remain mildly bullish in the near-term and we could see the market move down to re-test support near 1295.00 – 1306.00 key support zone where we would be watching closely for price action buy signals to get long.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.