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Weekly Forex Trade Setups Ideas by Nial Fuller – June 4th to 8th, 2018
EURUSD – Euro/dollar downtrend continues
The EURUSD retraced to the upside last week within the context of the downtrend it has been in since breaking down through 1.2160 several weeks back. We are still looking to sell, in-line with this trend, as we discussed in our last few weekly commentaries. This week, traders should keep a close watch on the containment / resistance at 1.1820 area as a strong potential sell level. We can watch for price action sell signals really from the 21-day ema (blue level) up into the resistance zone between 1.1820 – 1.2000.
USDJPY – Dollar/yen bulls buy the market at support
The USDJPY popped higher last Friday after pulling back to the key support zone at 108.60 – 107.80 and forming multiple bullish tailed bars there mid-week last week. We discussed buying in that zone in our last May 28th weekly market commentary so hopefully some of you got long on the pull back. Traders who may have missed the boat last week can watch for temporary weakness this week whilst above 107.80 to be a buyer.
Gold – Gold trading under key resistance range
Following a break and close below previous key support near 1300 area, Gold has shifted from a sideways trading range structure to a near-term downtrend, and we are looking to sell as a result, as we discussed last week too. We see resistance up between 1305 – 1325 area and price should struggle here in the short-term. We are looking to be a seller on strength this week on a 1 hour, 4 hour or daily chart sell signal. Prices could roll-over and re-test 1264 – 1236 in the days / weeks ahead if this current downward leg is sustained.
Crude Oil – Oil approaching key support area
Crude Oil initially bounced at the support we mentioned last week near 65.50, however, price is now back there again. We remain bullish if the support near 65.50 – 63.80 can hold this week. We would ideally like to see a buy signal on the 4-hour or daily chart in this support region this week and we will continue to monitor this market and update you guys in the members area if any obvious buy signals develop.
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.