Weekly Forex Trade Setups Ideas by Nial Fuller – June 11th to 15th, 2018
EURUSD – Euro/dollar hits resistance / potential sell level
The EURUSD has been in a downtrend in recent weeks but last week it did rotate higher, within the downtrend. Price ran into a resistance level that we discussed in last week’s commentary, at 1.1820. If price holds under 1.1820 resistance this week, we could see the downtrend continue from near current levels. However, a close above 1.1820 opens the door for 1.2000 to be re-tested. Traders should watch closely for price action sell signals near current levels up to 1.2000 this week, to get short and trade in-line with the downtrend.
USDJPY – Dollar/yen uptrend intact
After bouncing up from key support near 108.60 – 107.80 on June 1st, a buy-area we discussed in our May 28th commentary, the USDJPY continued to rally early last week but pulled back again slightly late in the week. We remain bullish above key support down near 108.60 – 107.80; the support area we were looking to buy from two weeks ago in our weekly outlook. Hopefully, some of you got long as price reversed there, but if not we can continue to watch for buying opportunities on weakness whilst above 107.80.
Crude Oil – Crude Oil may push higher from support area
Crude Oil formed two bullish tailed bars (reversal patterns) within the 65.50 – 63.80 support / buy zone we discussed in last week’s commentary, moving slightly higher into the week’s end. We would ideally like to see a clearer buy signal on the 4-hour or daily chart in this support region this week and we will continue to monitor this market for buy signals within that support zone this week.
S&P500 – S&P500 continues to surge higher
The S&P500 pushed higher last week in agreement with our recent commentaries in which we were looking to be buyers, in-line with recent upward momentum. Traders can look to get long again this week on any weakness either on a 1hr, 4hr or daily chart price action buy signal or a blind entry (entry without a price action confirmation pattern) near 2674 to 2740.
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.