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Weekly Forex Trade Setups Ideas by Nial Fuller – April 9th to 13th, 2018
GBP/USD – Sterling/dollar bounces at near-term support
The GBPUSD moved sideways last week as it consolidates just above 1.3990 near-term support. This market looks to be moving higher after finding support a few weeks back at 1.3750 area, as a result, we are looking to buy whilst price is above that 1.3750 level. Currently, price is resting just above 1.3990 and we can see it held firm there last week as it tested the level, bouncing up on Friday. There’s a key zone of support between 1.3990 and 1.3750 and we are looking for price action buy signals within that zone this week on a retrace lower in price. We could see this market head back to recent highs at 143.40 or above.
AUD/USD – Aussie/dollar trending lower
The AUDUSD continued to trend lower last week as it has for the last several weeks. Price reversed at 81.20 early this year and that has been the high so far. The market is currently in a short-term downtrend and we see the potential for more losses into the coming days and weeks, given the current chart structure. Note, there were a couple of upward surges into the 79.20 – 79.80 resistance area earlier this year which were greeted with strong sell pressure by sellers. This week, we will continue to look to be sellers on any price strength whilst the price remains below 79.20 and 79.80 resistance zone. We can watch the 21 day moving average (blue line) for sell signals as well, and we would target a move to the low-side of the range near 75.10 key support.
Gold – Gold moves sideways but trading above key support
Gold has been in a sideways congestion period between 1307 and 1360 in recent months, within the context of what appears to be a long-term uptrend. As with recent weeks, we continue to call Gold a buy and see buying opportunities on pull backs in price to the 1307 to 1295 support range. We continue to look to buy on any pull backs whilst above that support range and will watch for price action buy signals and can expect a move up through recent highs near 1360.
S&P500 – S&P500 hovering above important support area
The S&P500 remains in a long-term uptrend despite recent price weakness and what appears at times to be aggressive selling. However, any recent price weakness has presented a buying opportunity for patient traders as we can see by the aggressive bounces from support near 2530 in the chart below. As price approaches this previous major support of 2530, we won’t be surprised if the price bounces aggressively there as we could once again see strong buying from lower levels. There’s plenty of support near 2550 to 2515 and that is where we are focusing our attention this week for price action buy signals or potentially a blind entry which could result in a ‘trampoline’ effect of price moving significantly higher again.
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.