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USDJPY – Dollar/yen has potential for swing higher from support
The USDJPY has been in a sort of trading-range as of late, between 112.00 and 114.50, and we can see last week it rotated lower, testing but holding above support near 112.00. Notice the two bullish tailed bars (an entry strategy I teach in my price action course) that formed last Thursday and Friday off 112.00 support (an existing event area), these could be buy signals and we are looking for a move back up this week if that 112.00 level can hold. Price could re-test recent highs up near 113.70 – 114.50 if bulls can push prices higher early this week. Otherwise, if last week’s lows fail on a closing basis we could see another move lower.
EURUSD – Euro/dollar falls but still above key support zone
The EURUSD basically went nowhere last week as it lost slight ground with price floundering near recent lows. We have been bullish on this pair in recent weeks but currently everything depends on major support between 1.1670 – 1.1550; price needs to hold that region if bulls are to take prices higher again. We are going to wait on the ‘sidelines’ this week and will look for a price action signal within that major support zone to get long. Stay tuned to our daily members market commentary for updates on the EURUSD throughout the week.
Gold – Gold contained below key resistance zone
Last week, we discussed selling Gold on a pull back towards 1260.00 resistance – notice that price just touched that level on Friday and seemed to fail, forming a small bearish pin bar. If price cannot rally up past 1260.00 early this week we could see a large sell-off unfold this week. Traders can continue to look for shorts around 1260.00 – 1280.00 for now. Check our daily trade setups commentary for on-going Gold market updates.
Crude Oil – Bulls remain in control of Crude Oil
Following on from last week’s bullish analysis of Crude Oil, the price action is compressing after moving sideways last week. However, we remain bullish on this market above 55.00 support and we will look to buy the dips at that level or wait for a clear price action signal to get long.
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