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EURUSD – Euro/dollar grinding sideways within larger trading range
The EURUSD continues to move sideways and consolidated last week, basically going nowhere. Price has been contained within a larger consolidation / trading range between 1.2540 resistance and support at 1.2140 for a couple months now. Prior to this trading range the trend was bullish so we are still favoring the buy side of this market on pull backs to support levels. We are watching the key support area between 1.2160 – 1.2140 this week to get long and ride the market back up to the higher side of the range near 1.2540 key resistance.
GBPUSD – Sterling/dollar pulls back to support within uptrend
The GBPUSD is in an upward swing after finding support a month ago down near 137.50 area. We have a bullish bias on this market as we have discussed in recent commentaries and we will retain that view whilst price is above 1.3750 support. There is short-term support just below near 1.3990 and there is a zone of value / support at 1.3990 – 1.3750 that we can look for price action buy signals within to get long and target recent highs near 143.40 resistance. Stay tuned to our daily members trade setups newsletter this week for ongoing GBPUSD updates.
Gold – Gold remains buoyant above key support zone
Gold has been in a sideways congestion period between 1307 and 1360 in recent months, within the context of what appears to be a long-term upward swing. As with recent weeks, we continue to call Gold a long and see buying opportunities on price weakness around 1307 to 1295 support range. We remain bullish on any pull backs whilst above that support range and expect a move up through recent highs near 1360.
Crude Oil – Crude Oil weakens in early Monday trading, but key support coming in below
Crude Oil remains in a long-term uptrend as we have discussed for months now in the commentary. Price has been very strong recently since bouncing at 58.00 – 58.15 area a couple months back. Despite an early sell-off in this new week, we remain bullish and looking to buy Crude Oil on a pull back. We will watch support near 58.00 – 58.15 for price action buy signals to get long and target recent highs near 66.60 or possibly a push through that level.
S&P500 – S&P500 heads towards key support / buy-zone
Despite recent price weakness and what appears to be extreme selling, the US market (SP500) remains in a long-term bull market. Any price weakness in the recent times has presented a buying opportunity for patient traders. On the last major sell-off in early February, the price bounced strongly from 2530 area, indicating this area is a very important support to watch. As price approaches this previous major support of 2530, we won’t be surprised if the price bounces aggressively there for a second time. This week, keep a lookout at the 2530 price support region for a bullish buy signal either on the daily or 4-hour chart time frame to get long. Check our daily members market commentary for updates on potential S&P500 trade setups this week.
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