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Weekly Forex Trade Setups Ideas by Nial Fuller – May 7th to 11th, 2018
EURUSD – Euro/dollar moves lower after downside breakout
As we have discussed in recent weeks, the EURUSD was in a trading range for the last few months, oscillating between support and resistance levels. However, last week, price continued to fall lower after breaking down through the key support of the range near 1.2150 the previous week as sellers remained in the driver’s seat. The downward continuation last week was in-line with the discussion in our last commentary in which we were looking to sell, however, there was no obvious sell signal last week so getting short may have been tough. Price hit support near 1.1915, the target level we discussed for shorts last week, and has now formed a bullish counter-trend fakey pattern. This pattern could lead to a break higher and a retrace back up to resistance (more aggressive play) where we would prefer to look to be sellers, in-line with the trend. Watch 1.2140 – 1.2250 for sell signals this week and be sure to check our members trade setups newsletter throughout the week for updates on potential EURUSD trades.
USDJPY – Dollar/yen bulls continue to support market
The USDJPY has been in a short-term uptrend since breaking up through 107.35 – 108.15 key resistance zone which has subsequently flipped to a key support zone. We are now watching this market to continue rotating lower, as it started to late last week, so we can watch for price action buy signals within that 108.15 – 107.35 zone to get long and trade in-line with the near-term uptrend. We retain our bullish bias whilst price is trading above 107.35 support.
Crude Oil – Uptrend in Oil continues
Crude Oil moved higher last week as the overall uptrend we have been discussing in recent months continued to make new highs. As with recent discussions, we will watch for pull backs to support to be a buyer this week. Traders can watch rotations back to 66.75 – 65.50 near-term support this week for buy signals, or lower. We remain bullish on this market and are watching closely for 4-hour or daily chart buy signals from support.
S&P500 – S&P500 moves higher from buy signal
The S&P500 has been trading down near key support around 2530 – 2590 recently and last week we saw a nice pop up from the bullish pin on Thursday into Friday in the S&P500. We discussed this pin bar signal as a buying opportunity in our members commentary the day it formed. Traders not already long can watch for further buy signals on a pullback whilst above 2530 key support.
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.