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Weekly Forex Trade Setups Ideas by Nial Fuller – February 26th to March 2nd, 2018
EURUSD – Euro/dollar falls lower after reversing at key resistance
The EURUSD rotated down from 1.2520 key resistance last week, consolidating into the week’s close. This market is still in an uptrend overall, but we are currently in a period of sideways / trading-range movement where price is oscillating between support and resistance, as seen below. Price is trading above key support near 1.2200 – 1.2160 still and we remain bullish whilst above that support this week. Traders can look for price action buy signals this week within or just above that 1.2200 – 1.2160 zone.
USDJPY – Dollar/yen buy signal pushes prices into resistance before reversing
The USDJPY pushed higher from the bullish pin bar buy signal we featured in our February 19th commentary; a nice gain was possible for anyone who traded it. After pushing higher from that signal early last week, price reversed up near 107.90 – 108.20 resistance as expected, falling lower on Thursday. This week, traders can consider either side of this market by looking at buying near 105.55 on a clear buy signal or selling up near 108.20 resistance on a clear price action sell signal.
Gold – Gold rotates lower but still above key support area
The Gold market pulled back to the downside last week following a surge higher the week before. Price consolidated late last week following the pullback, still trading above key support at 1306 – 1295 zone. This market is in a range-bound condition currently, trading between support and resistance up near 1360. We remain more interested in the long side as price is still trading above key support and all recent pullbacks to support have been met with buying interest. Traders can watch for price action buy signals whilst above 1306 – 1295 or consider a blind entry at or within that zone.
S&P500 – U.S. Stock Indices look firm
The S&P500 has recovered nicely after its recent intense sell-off and volatile price action. In the wake of such conditions, price has firmed up and made a quick recovery higher, erasing over half of the recent losses. Last week, price ended on a high note after a mid-week dip lower. More gains are possible this week so keep an eye out for weakness and 1hr 4hr or daily chart buy signals. We remain bullish above near-term support at 2680 – 2626 zone.
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.