Weekly Forex Trade Setups Ideas by Nial Fuller – May 14th to 18th, 2018
EURUSD – Looking to sell Euro/Dollar from resistance
The EURUSD recouped some of its recent losses late last week following its most recent leg to the downside, bouncing up from support near 1.1820. The trend and momentum are still clearly down / bearish on the daily chart, so this week we are looking to be sellers as the market retraces (in-line with the daily trend). Traders can look to get short / sell from the range of resistance up between 1.2085 – 1.2160 this week, ideally on a price action reversal / sell signal on the 1-hour, 4-hour or daily chart time frame.
Gold – Gold looking firm at key support level
Gold is still trapped within the same large trading range it has been in all year, oscillating between 1300 support and 1366 resistance. Last week, price showed some signs of bouncing up from the support of the range which could lead to a move back to the trading range resistance at 1350 – 1366 zone. Ideally, we would get long / buy on a price action signal on the 4-hour or daily chart time frame near 1305.00 and target the highs of the range up near 1350 – 1366.
Crude Oil – Bulls continue to buy Oil on pull backs
Crude Oil pushed higher again last week as the uptrend continues to make new highs. This latest leg higher was kicked off by a bullish pin bar buy signal last Tuesday after price tried to retrace lower. Traders who have missed the boat on Crude thus far, can watch for rotations / weakness to be a buyer from support; buy the pull backs. We are watching 66.60 – 65.50 this week as a strong buy-zone on a pullback and a 1-hour, 4-hour or daily chart price action buy signal.
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.