LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Weekly Forex Trade Setups Ideas by Nial Fuller – February 12th to 16th, 2018
EURUSD – Euro/dollar retraces but uptrend intact
The EURUSD pulled back last week as price rotated lower but remained above key support levels with the technical uptrend still intact. As a result, we remain more bullish on this market still and looking for buying opportunities again this week as this market retraces closer to support. More advanced traders can watch for a blind entry at 1.2100 – 1.2090 key support zone; we would expect a strong bounce from that level if price holds above it. However, more conservative traders can wait for a firm pin bar signal from from that support zone on the daily or 4 hour chart time frame.
GBPUSD – Sterling/dollar pulls back but remains in uptrend
The GBPUSD has rotated lower over the last two weeks, retracing back towards support levels within the overall uptrend. Notice on the chart below, a bearish fakey signal formed last week and price broke lower into Friday, indicating that we could see price move down into 1.3660 which is the next key support level. More advanced traders could consider a blind entry at 1.3660 as we could get a strong bounce from there if price remains above it. Otherwise, more conservative traders may elect to wait for a price action confirmation signal from that support on the 4 hour or daily chart time frame.
S&P500 – Major volatility may present opportunities
What a huge week in the S&P500, again. The recent sell-off intensified last week as price took a dramatic ride lower. However, price found strong support down near 2530.00 as we can see from the powerful bullish tailed reversal bar last Tuesday and then the bullish pin bar reversal on Friday. This week, traders can consider longs whilst above 2530.00 on any price weakness, but be aware that volatility is high. We will remain bullish / potential buyers whilst price is above or within 2530 – 2488, but a move below 2488 would be bearish and buyers would want to avoid long positions if that level fails to support price.
Gold – Gold retraces back down to key support area
Last week, Gold pulled back to just above the support zone at 1306.00 – 1296.00 that we discussed in recent commentaries. Notice the bullish pin bar that formed on Thursday; price could push higher from there, however, we would much prefer to wait for a ‘safer’ buy signal down within the actual support range of 1306.00 – 1296.00.
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.