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EURUSD – Euro/dollar bounces at key support zone
GBPUSD – Sterling/dollar moves higher from support
The GBPUSD bounced higher after a brief test of 1.3990 support early last week; a level we discussed looking to buy at in our previous weekly commentary. Price has now approached key resistance at 1.4340 and formed a small bearish tailed bar just under there on Friday, indicating we may see a rotation lower early this week. Our bias remains bullish, in-line with the overall uptrend, so any rotations to the downside are seen as potential buying opportunity if the right situation forms. There is still a large area of support down at 1.3990 – 1.3750 and that would be our primary focus this week on a pullback. Look to get long on a price action buy signal anywhere from 1.3990 to 1.3750 and we remain bullish whilst above 1.3750.
Gold – Gold surges up from key support zone as bulls remain in control
Gold surged higher last week, testing key resistance up near 1360 following our April 9th commentary in which we discussed looking to buy this market. We still see Gold in a trading range between 1365 and 1307 / 1295 support area, but the underlying trend is up and so we are looking to buy as we have been for months. As with recent weeks, we continue to call Gold a long and see buying opportunities on weakness around 1307 to 1320. Watch for price action buy signals on a pullback to that 1320 – 1307 support area this week and target resistance up near 1365.
Crude Oil – Crude Oil explodes higher as uptrend continues
Last week, Crude Oil exploded higher as it reversed at 62.00 area support, which was also the location of a bullish pin bar from April 4th, which we discussed as a buy signal in our daily members market commentary that day. Crude Oil remains in a long-term uptrend but it is being interrupted by large downward retraces / swings back to support. Thus, we will look to get long again, for any one who missed the last entry, by watching for a pullback to support and another clear price action entry signal. The close above 66.55 key resistance late last week as another sign bulls are very much in control here so traders may want to watch the 1 hour and 4 hour chart for a small pullback in addition to the daily chart for buy signals this week on weakness / pullbacks. Note: Whilst price did just barely violate the low of the April 4th pin bar, a wider stop loss or a trade entry trick would have kept you in the trade for a very nice profit.
S&P500 – S&500 consolidating just above powerful support zone
Last week saw price float slightly higher in a slow grind following the recent volatility we have seen in this market. The US market remains in a long-term bull market despite recent price weakness and the recent extreme selling we saw several weeks ago. Price has bounced aggressively from 2530 support area on recent pullbacks to it, so we are continuing to watch that area for buy signals as price consolidates just above it. This week, we will be watching the support between 2560 – 2530 for buy signals or potentially even a blind entry there if price pulls back right to that zone. Check our daily members trade setups newsletter for updates on the S&P500 this week.