Weekly Forex Trade Setups Ideas by Nial Fuller – April 30th to May 4th, 2018

Weekly Forex Trade Setups Ideas by Nial Fuller – April 30th to May 4th, 2018

EURUSD – Euro/dollar falls lower as key support gives way

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 broke down through the key support of the range near 1.2150, ending the week below that level, effectively dismantling the trading range and giving control back to the bears, at least for now. Whilst under the recent swing high of 1.2415, the market remains in a short-term bear market and so we can look to sell strength within the 1.2215 – 1.2415 resistance range, only on a clear price action sell signal. We can look to target support near 1.1915 as price had previously bounced aggressively from there.

GBPUSD – Sterling/dollar weakens following pin bar sell signal

The GBPUSD sold-off last week as the previous downward retrace has turned into a larger downward swing. Notice the bearish pin bar signal from last Thursday that clued us into a potential down-move which did eventuate on Friday. We discussed this sell-signal in our members commentary when it formed and many of our members get short as a result. Price has hit 1.3750 support, which was our target area for the short trade we discussed on Thursday. We will now wait and see what happens early this week and potentially look to sell on strength up near 1.3960-90 resistance area on a clear signal should one develop.

Crude Oil – Oil uptrend intact

Crude Oil consolidated last week following the recent push higher from the pin bar buy signal on April 17th which we discussed as a potential buy signal in our members commentary that day. Overall, there is an uptrend in place here that still looks very healthy and alive. We are continuing to watch for pull backs within the trend to be buyers from support. Traders can watch the 66.55 – 64.25 support range this week for price action buy signals to get long, in-line with the uptrend.

S&P500 – S&P500 starting to claw higher again

The S&P500 popped higher last week following a bullish pin bar that formed off 2610.00 support on Wednesday. This fits nicely with our recent commentaries in which we were looking to buy on pullbacks to support levels. In the short-term, we could look to buy on another retrace lower, to near the low of the aforementioned pin bar (2610 area), or we could wait for another price action confirmation buy signal whilst the market remains above the major support at 2530.

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.

Read Also: