Weekly Forex Trade Setups & Technical Analysis by Nial Fuller – September 3rd to 7th, 2018


Nial Fuller forex trader education

EURUSD – False break of 1.1535 level and short covering rally to send prices higher

Summary:  Price recently broke down below 1.1535 but quickly reversed higher, triggering a massive short covering rally. This has created a massive bullish fakey + pin bar on the monthly chart, a very bullish sign. Price is likely to test 1.1535 key level again before staging another aggressive move up.

Potential Trade Setup: Consider looking to buy around 1.1535 and 1.1620 area, or wait for a price action buy signal to confirm an entry.

USDJPY – Bearish price action signals suggest imminent downside move

Summary:  Last week we saw a significant bearish fakey signal form under 112.000 resistance level, which suggests prices could push lower again towards 109.30 and 109.77 levels again. It’s likely prices will sell off on any attempt to rally in the short term as the market remains firmly contained under the 112.00 level.

Potential Trade Setup: Consider selling on any price strength whilst price remains below the high of the fakey signal, targeting a move into at least 109.30 or possibly lower.

AUDUSD –  Market stalls at 0.7320 level again, and price sells off to new lows

Summary: A long term bearish trend remains in tact with nearby resistance zone between 0.7460 and 0.7320. It’s likely prices will continue experience sell pressure from this overhead resistance zone, with prices forming new 52 weeks lows into the end of last week.

Potential Trade Setup: Consider selling short on any price strength whilst price remains contained under that 0.7320 to 0.7460 resistance zone, or wait for a price action sell signal on 4 hour or daily chart.

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 blog.

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Weekly Forex Trade Setups & Technical Analysis by Nial Fuller – September 3rd to 7th, 2018

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