Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
AUDUSD – Looking To Sell On Any Bounce Whilst Under ‘Price Action Event Area’ And Key Resistance At 0.6900
Trend: Bearish
Relevant Key Levels: Resistance 0.7205, 0.7080, 0.7050, and 0.6900 area. Support 0.6700
Price Action: Price sells off from a double Pin Bar pattern that formed under the 0.6900 resistance level recently (event area).
Current Notes: The bias is bearish whilst prices remain below the 0.7050 to 0.7080 resistance levels.
Trade Idea: We will consider selling short on any short term bounce in prices and/OR after a bearish price action sell signal (eg: Pin Bar) whilst prices remain below the 0.6900 and 0.7080 resistance levels. Initial downside targets to 0.6800 and 0.6700 area.
NOTE – You can trade AUDUSD via the preferred trading platform we use HERE.
GOLD – Looking To Sell On Any Bounce Whilst Under ‘Price Action Event Area’ And Key Resistance At $1520
Trend: Bearish / Neutral
Relevant Key Levels: Support at $1350, $1380, $1400 and $1440 to $1450’s area. Resistance at $1525 and $1550.
Price Action: A small Bullish Pin Bar formed at the $1450 level (counter-trend). Price remains contained below a recent Bearish Pin Bar, that had formed just under the $1525 level several weeks ago. (event area)
Current Notes: Price may bounce in the short term, however, the short term bias is still bearish under $1525 resistance. The long term bias is still bullish whilst prices remain supported above the $1400 support area.
Trade Idea 1 : We will consider selling after a retracement higher in prices and after a price action sell signal to confirm a short entry (eg: Bearish Pin Bar) whilst prices remain below $1525 resistance area, targeting a move back down to $1450’s area.
NOTE – You can trade Spot GOLD via the preferred trading platform we use HERE.
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