Weekly Trade Setups & Chart Analysis By Nial Fuller – July 16th to 20th, 2018


Nial Fuller forex trader education

EURUSD

Looking to sell short below 1.1840 key resistance this week

Summary – The EURUSD has been in a strong bearish / downtrend remains whilst the market is contained under technical resistance at 1.1840 area. Price lost slight ground last week in what was a pretty quiet / sideways week. We could see a short-term correction higher this week but we expect price to sell-off from overhead resistance.

Forecast – While price is held under 1.1840 resistance we would look to sell short on any price strength or wait for a price action sell signal on the 4 hour or daily chart at 1.1840 area.

USDJPY

Buyers push price higher as bullish momentum continues

Summary – The USDJPY pushed higher last week, in-line with our discussions in recent commentaries of looking to buy this market. Price broke out above 110.90 – 111.35 resistance last week, as buyers took over. We could see a temporary pull back this week but we expect buyers to defend support levels.

Forecast – Whilst price is buoyant above the 108.65 -108.35 key support area, we would look to buy on any price weakness or wait for a price action buy signal on the 4 hour or daily chart. We can watch the 110.90 – 111.40 support area for a buy signal this week on a rotation lower.

GOLD

Pin bar fakey price action sell signal leads to downward continuation move

Summary – A strong downward trend remains intact in Gold whilst price is contained under the technical resistance level at 1282. Notice how price moved lower from the fakey pin bar combo pattern (sell signal) that we discussed as a potential selling opportunity last week in our daily members trade setups newsletter. This is in-line with our recent discussion of looking to sell this market.

Forecast – With price contained below the 1282 resistance, we will look to sell on any price strength towards 1282, or wait for a price action sell signal on the 4 hour or daily chart.

S&P500 USA INDEX

S&P500 buyers back in control of market

Summary – The S&P500 has moved up and taken back 2740 and 2795 resistance as the recent bullish momentum continued last week. The market has put in a strong base of support near 2700 area and after moving up from that level is now breaking back through 2740, 2795 and possibly higher. The trend is bullish above 2700 key support area.

Forecast – We are continuing to look to buy pullbacks whilst above 2700 support and we can watch for price action buy signals on weakness towards support near 2740 – 2700 this week.

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.

Related News

arrow

Weekly Trade Setups & Chart Analysis By Nial Fuller - July 16th to 20th, 2018

2

Send this to a friend