Market Update for 5th August 2019

Today I have 3 trade setups to share which are USDJPY, APPLE (APPL) and NZDUSD. Prices are falling everywhere but I have managed to identify good support levels for long entries as well as short entries for those that still have plenty more room for prices to fall.

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To watch the full analysis in detail, check out my Youtube video

  1. USD/JPY

USDJPY has been getting hit hard recently so trying to go long can be pretty risky but I do see a potential price area that acts as support. This might be like trying to catch a falling knife so do it with caution and watch for reversal confirmations before entering to play it safe.

I have identified a support level at 104.575 where haves price reversed 3 times in the past (as seen by the green circle/oval) where initially it acted as a resistance but after prices broke through, it acted as support for the next 2 price test.

This support level also happen to be the 0.786 FIB extension level. If going long at the support level then take profit levels can be set in the price range within the blue rectangle where support will have turned into resistance now. Stop loss can be placed slightly below the support level .
Entry: 104.575
Take profit: 106.6 – 108
Stop loss: 103.3

Full Analysis Here

2. APPLE (APPL)

As you can see from the chart, APPL is falling down hard for 3 days straight. Long red bars like these indicate that there is a lot of volatility and selling pressure and the price is very likely to continue dropping further.

I have identified a good price level to take profit for the short term and longer term as well.

Take Profit: 190
TP2: 180-183
Stop Loss: 210.3

Full Analysis Here

3. NZD/USD


Currently NZDUSD has been falling hard and is reaching areas of support. I have identified 2 price levels specifically and labeled them as Entry 1 and Entry 2.

If you are not sure which entry to use then you can just use both by scaling in your entries. I have also identified a Take Profit level as well.

Entry 1: 0.6487
Entry 2: 0.64177
Take Profit: 0.66069
Stop Loss: Slightly below Entry 2

Full Analysis Here

About the Author Brian Chai

Brian Chai is an author, investor, trader and entrepreneur. Since his early education days, Brian has always had a keen interest in the finance field. He started out his career as a financial advisor and later went on to work for one of the top investment banks in the world. Capitalizing on his finance and trading knowledge, Brian went on to be a successful trader and investor in the financial market where he achieved massive portfolio gains. Wanting to share his expertise and passion in trading and investing, Brian left his banking job and went on to be a full time trader and his mission is to help people grow their wealth and live their dream life.

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