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EURUSD – Euro/dollar pulls back to key support zone
In our recent EURUSD commentaries, we had been looking to buy this market on a retrace to support levels whilst it was above 1.1660 key support. We can see that last week price underwent a modest pull back, ending on Friday with a small pin bar signal reversing up from 1.1730 support. This signal could lead to higher prices this week, but traders should keep in mind key support is near 1.1660 so a further pull back is possible as well. We remain bullish whilst above 1.1660 and will consider long entries on 4 hour or daily chart buy signals this week. Stay tuned to our members trade setups newsletter for daily updates on the EURUSD.
AUDUSD – Aussie/dollar downtrend continues
As we can see on the daily AUDUSD chart below, this market has been in a ‘perfect’ downtrend in recent months and we see potential for that to continue at least in the near-term. We are aggressively short-biased whilst under 0.7640 key overhead resistance and traders can look to sell on strength near or just below that level this week to rejoin the downtrend from value.
Oil – Crude Oil remains buoyant, looking to buy on a signal
Crude Oil underwent a modest downside pull back last week but this market is still buoyant within the overall uptrend. Note the small pop higher late last week after the pull back, we were looking to buy weakness in that 57.00 – 55.00 area last week. We maintain the same view for this week; we remain bullish above 54.70 and will continue to watch any weakness / downside pull backs for 1 hour, 4 hour or daily chart price action buy signals to rejoin the uptrend. Stay tuned to our daily members commentary as we like Oil on the upside and will be looking for a buy entry this week.
Gold – Gold market breaks below key support, price could fall further
In recent weeks we have been discussing the trading range that Gold has been in, between 1260.00 – 1295.00. We have been paying close attention to 1260.00 recently, as price approached it. We can see that price did break and close below 1260.00 last week, meaning that bears have more room to push price lower. We are going to look to sell on a retrace (strength) between 1260.00 – 1295.00 to trade in-line with this recent influx of bearish momentum.
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