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Weekly Forex Trade Setups Ideas by Nial Fuller – January 29th to February 2nd, 2018
EURUSD – Euro/dollar rejects key resistance area, may retrace lower
Last week in the EURUSD, price pushed higher again, in-line with the overall uptrend in this market. However, price did form a bearish pin bar reversal signal on Thursday, reversing at a key long-term resistance area up near 1.2540 which is easily visible on the weekly time frame. As a result, a retracement lower early this week is likely and we could see price fall to nearby support sitting much lower, between 1.2080 and 1.2160 area. We can look to be a buyer after such a pullback within the support region seen in the chart below or above if a firm price action confirmation signal forms. Look for price action buy signals on a pullback whilst prices remain above 1.2080 support.
GBPUSD – Sterling/dollar looking to pull back before moving higher again
Price pushed higher last week in the GBPUSD and as with the EURUSD, this market is in the midst of a key long-term resistance area, however, we certainly could see more upside given the strength of the uptrend that’s under way and the fact that the resistance zone is quite large from about 1.4200 – 1.5000. As a result, we will watch for a pullback to be buyers near the 21 day moving average (blue level) and 1.3940 – 1.3655 area. We will be looking for price action buy signals on a pullback whilst prices remain above the support zone seen below.
Gold – Gold trend intact, looking to buy a pullback
Gold has been surging higher in recent weeks and that continued early last week as price broke up and out of last week’s small consolidation range. Price consolidated again late last week but the uptrend is still clearly intact here. As a result, we are looking to buy after a pullback this week, we would look to buy near 1325.00 near-term support to 1306.00 key support or the 21 day ema, on a 1hr 4hr or daily chart buy signal. Note, inside bar pattern from last week netted a 1:2 risk reward winner.
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.