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GOLD – Gold enter 1275-1295 support area / buy zone
Gold has been retracing lower over the last few weeks within the broader uptrend this market is in. In the chart below, we can see that price is now entering the key support area between 1295.00 – 1276.00, with 1276.00 being the prior pin bar and fakey low that kicked off the last leg higher. As we are entering this support area, traders can either get long on a blind entry based on the event zone seen below or wait for a clean price action buy signal in the support zone whilst above 1276.00 and target a move up to 1330’s area.
GBPUSD – Sterling/dollar consolidates after surge higher, looking for buy signal
The GBPUSD moved sideways last week as price consolidated following the big up move we saw the previous week. The overall trend is clearly still up (bullish), so we are continuing on with our recent views on this market of looking to buy it on a pull back to support. This week, our plan is to look to be a buyer on a price action confirmation signal at or about 1.3260 key support level in order to get long and trade in-line with the uptrend from value (support). Stick with our members daily trade setups newsletter for updates throughout the week as the price action in the GBPUSD unfolds.
EURUSD – Euro/dollar consolidating above major support levels
The EURUSD essentially went nowhere last week as price remained choppy and moved sideways just above 1.1860 short-term support level. We remain bullish and looking to buy this market as the underlying trend is still up, however, as we discussed in recent commentaries, we may see more containment and consolidation near current levels as price is trading just under a long-term resistance area at 1.2000 – 1.2300 zone. We will continue to look for bullish price action signals whilst price is above the key swing support down at 1.1666 area, which also aligns with prior pin bar lows as seen below. We will watch the support zone between 1.1860 – 1.1666 this week for price action buy signals on any further downward retacements.
AUDUSD – Aussie/dollar may test near-term support before moving higher
The AUDUSD lost slight ground last week in what were somewhat volatile trading conditions as price continues to move sideways just above key support. We are continuing to look to buy this market on a price action confirmation signal near or above support at 0.7825 – 0.7755 this week. Keep in mind, price recently broke and closed above 0.7755 which was a strong long-term resistance so we are now very bullish on this market whilst it is above that level and are watching for buy entries as price attempts to retrace lower and re-test it.
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