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Weekly Forex Trade Setups Ideas by Nial Fuller – May 21st to 25th, 2018
EURUSD – Euro/dollar trending lower after support breaks
The EURUSD continued losing ground last week after a pin bar signal (reversal sell signal) formed on Monday, May 14th following our last weekly commentary in which we discussed looking to sell this market on strength. Hopefully, some of you caught this move lower last week from the pin bar, but if not, we retain a similar bias this week and can continue watching for sell signals. Price is in a downtrend after closing below 1.2160 key support (now resistance) a few weeks back so we are remaining bearish (looking to sell) whilst that level continues to contain prices.
USDJPY – Dollar/yen moves higher as buyers support market
Following our previous discussion of the USDJPY in which we were watching the key level near 110.00 – 110.25 for possible selling opportunities, price broke up through that level and closed above it last week. As a result, we are resuming our previous bullish bias and watching weakness for buy signals this week as the near-term trend is still bullish. Traders can watch that 110.25 – 110.00 support zone this week on pullbacks to get long on a price action buy signal.
Gold – Gold breaks down and out of large trading range
Following a strong sell-off last Tuesday, Gold closed below a multi-month trading range that it had been contained within since January of this year, indicating that bears have won control at least temporarily. Because of this shift in price action dynamics in Gold, we are now watching upside moves / strength for potential sell signals at resistance levels to get short, as we believe there’s potential for more downside in the coming days. Traders can watch the zone between 1300 – 1326 this week on strength for price action selling opportunities.
Crude Oil – Oil uptrend remains intact
Crude Oil continues to grind higher as the multi-month uptrend it has been in rolls on. We are watching for pullbacks / weakness to support levels this week once again, to be a buyer, in-line with the uptrend. Traders can watch the 21-day ema dynamic support (blue level) down to 65.50 – 67.00 support zone for buy signals this week on a pullback.
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.