Bindal FX Trade Plan & Chart Analysis for the Week Ahead

Trade Ideas & Chart Analysis Disclaimer: The below analysis should not be considered as considered financial advice or a recommendation to trade or invest in any financial product. Your individual circumstances and risk allowance have not been taken into consideration and are thus not reflected in the below analysis. The below is for educational purposes only. Read our full Risk warning and disclaimer here.

Analysis for January 18th to January 22nd

All scenarios are based on 'IF/THEN' scenarios that the Bindal FX traders map out and use whether it be on swing trades shown below, or intraday trades used in the Bindal FX LIVE room every day. If the price does not map out to the plan, we simply move on and look for a new opportunity rather than trying to 'manufacture' a position - to learn more about how to join our LIVE Trading Broadcasts and LIVE Trading Webinars email support@bindalfx.com

Broker - The Bindal FX team primarily trade with the same broker - they are highly reputable and have excellent competitive spreads with lightning-fast execution. Having a good broker with tight spreads is crucial to successful trading. To find out if they are more competitive than your current broker, or to open a live or demo account, you can learn more about them here.

FX Pair: EURCHF

Short Term Trend: Bearish
Key Support: 1.0670; 1.0510
Key Resistance: 1.0800; 1.0870

EURCHF broke down this week below that support trendline that had been started in October and tested in November. This is a fairly simple play that we are looking at We do not chase the breakout, so early in the week we will be looking for a nice orderly pullback and a retest to where the green pivot is, currently at the 1.0800 round figure level. Provided this retest holds then our plan is to take a short in and around the green pivot area, with possible first target at around the key support level of 1.0670, followed by 1.0510 if the momentum is really there to take it down.

Weekly Market Outlook

FX Pair: EURUSD

Short Term Trend: Bearish
Key Support: 1.1900
Key Resistance: 1.2170, 1.2350

EURUSD has been on a monster rally since the summer of 2020 and has approached the previous highs of 2017. Last week price came under some pressure and really moved sharply away from the highs at 1.2350. Price is now firmly below the Bindal Trigger and Green Pivot, with the BMI Indicator firmly Red.

Whilst on the longer term we believe the EURUSD chart still has potential to much higher, right now we believe a corrective pullback is underway, and our plan is to continue with the short play as long as price remains below the 1.2200 level. In the Bindal FX live room we gave a great short alert on this on Friday that was greatly received and traded fantastically well by many members, and we will be looking to continue with shorts on pullbacks as show in the chart below, with EURUSD possibly finding support around the 1.1900 level.

Weekly Market Outlook

GOLD

Short Term Trend: Bearish
Key Support: 1820; 1765; 1670
Key Resistance: 1960; 1900; 1860

After a sharp sell off in the previous week, last week was largely a consolidation week for Gold. However as of this moment in time, nothing in the price action indicates that we will start moving back up in the short term - the price action at this time does indicate another leg lower.
In last week's Trade Plan we had indicated that we were looking for a mini double top and that fired really nicely at the Green pivot around the 1860 price level, before falling on Friday - this was a trade alert given in the live room to members. We anticipate this move to continue next week, and will be looking to target the lows at 1765.

We will be looking to add in to shorts on every 123 pullback, and will continue with a bearish bias unless if we get a clear break above 1860 next week.

Weekly Market Outlook

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