Weekly Forex Trade Setups by Nial Fuller – September 24th to 28th, 2018

Nial Fuller forex trader education

EURUSD – Huge short covering rally unfolds after false break of 1.1535.

Chart Summary:  Several weeks ago, price recently broke down below 1.1535 but quickly reversed higher, triggering a massive short covering rally. This has created a massive bullish fakey + pin bar on the monthly chart, a very bullish sign.

The market has surged above 1.1750 resistance, in line with our bullish view over the past few weeks. We continue to favour buying weakness whilst price is firmly above 1.1535 support, targeting a move into 1.1750 to 1.1820.

Trade Forecast: Consider buying on any dips whilst price remains above 1.1535 support, or wait for a price action buy signal to confirm an entry above 1.1535.

AUDUSD – Waiting for a sell signal under the 0.7470 resistance level.

Chart Summary: Long term down trend remains in tact with nearby resistance at 0.7470 and 0.7320. It’s likely prices will continue to experience sell pressure from the overhead resistance zone.

Waiting for next sell signal from higher prices around the resistance between 0.7320 to 0.7470. Expect the market to be contained under the 0.7470 major resistance.

Trade Forecast: Consider selling short on a price action signal that forms within the support range between 0.7320 to 0.7470.

CRUDE OIL – Price needs to clear the $71.30 level to move substantially higher.

Chart Summary: With major support at the $64.20 to $66.20-80 range still holding firmly, the bias still remains bullish overall. Buying on any dips continues to be the strategy whilst support holds.

Oil remains bullish but is struggling at $71.30 area as we had seen previously. We continue to favour buying on any weakness provided the support at $66.20-80 area holds. The market could track into $74.93 if we clear $71.30 on a closing basis.

Trade Forecast: Consider buying on any price weakness whilst above the support at $66.20-80, or wait for a price action buy signal above this level on the daily time frame. Targeting a move into $74.93

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 blog.

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Weekly Forex Trade Setups by Nial Fuller – September 24th to 28th, 2018

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