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EURUSD – Euro/dollar rotates lower as consolidation continues
The EURUSD continues to oscillate between support and resistance at 1.2150 and 1.2540 respectively. This trading range has been going on since late January and we expect price to remain within that price range once again this week. Since the preceding trend was up, we are more bullish on this market as we have discussed in recent commentaries. The key support to watch is 1.2150; whilst price is above that level we are watching downside pullbacks for price action buy signals to potentially get long. Price rotated lower late last week and appears to be heading down into 1.2214 – 1.2150 support zone where we will watch for a clean 4 hour or daily chart buying opportunity this week. Stick with our members daily trade setups newsletter for on-going EURUSD updates this week.
AUDUSD – Aussie/dollar sells-off after pin bar reversal plays out
For the AUDUSD, it was a bearish end to last week as the market moved significantly lower on Thursday and into Friday’s close. This came after a few days of consolidating after the bearish pin bar sell signal which we discussed in our April 16th members commentary as a potential selling opportunity. N0tice the 50% pin entry would have gotten you in short at a good price and kept you in the trade even as price tickled the pin highs before reversing violently. Price is now resting at 0.7650 key support so we need to see an uptick before looking to sell again – watch resistance for sell signals; perhaps near 0.7810 – 0.7917 area.
Crude Oil – Crude pushes higher from pin bar buy signal
Crude Oil has been in a nice uptrend in recent months as we have discussed in our commentaries. Notice that last week, there was a pin bar buy signal that formed on Tuesday, which we discussed as a buy signal in our members commentary that day. This signal led to another push higher in the uptrend, before price stalled a bit into Friday’s close. This chart is still looking very bullish and we will watch for price action buy signals at support levels on any pullbacks this week.
S&P500 – S&P500 pulls back to near-term support level
The S&P500 moved higher initially last week before reversing into the week’s close and ending just above 2660 near-term support. Price has been on an up-swing over the last few weeks following the latest sell-off which bounced at 2560. area. Once again, we are waiting for a clear price action buy signal to get long this week. Watch 2660 – 2644 for a 4-hour or daily chart buy signal as well as key support further down at 2560 – 2530 should price retrace down to that zone this week.
SPI200 – Australian stock index reverses at key resistance
The slow-grind higher we have seen in the SPI200 over the last couple weeks (following the previous aggressive sell-off) may be coming to a halt after price ran into 5900 key resistance and pulled back from there Thursday into Friday. Following this reversal, we are now short-biased and will look to sell strength whilst price is contained below that 5900 level. Conversely, we will also watch for a pullback to support and then look to get long on a clear signal near 5678 support.
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