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EURUSD – Euro/dollar pulling back but uptrend intact
The EURUSD pulled back last week as price rotated lower but remained above key support levels with the technical uptrend still intact. As a result, we remain more bullish on this market still and looking for buying opportunities again this week as this market retraces closer to support. More advanced traders can watch for a blind entry at 1.2100 – 1.2090 key support zone; we would expect a strong bounce from that level if price holds above it. However, more conservative traders can wait for a firm pin bar signal from from that support zone on the daily or 4 hour chart time frame.
GBPUSD – Sterling/dollar retracing within uptrend
The GBPUSD has rotated lower over the last two weeks, retracing back towards support levels within the overall uptrend. Notice on the chart below, a bearish fakey signal formed last week and price broke lower into Friday, indicating that we could see price move down into 1.3660 which is the next key support level. More advanced traders could consider a blind entry at 1.3660 as we could get a strong bounce from there if price remains above it. Otherwise, more conservative traders may elect to wait for a price action confirmation signal from that support on the 4 hour or daily chart time frame.
Gold – Gold pulls back to key support zone
Last week, Gold pulled back to just above the support zone at 1306.00 – 1296.00 that we discussed in recent commentaries. Notice the bullish pin bar that formed on Thursday; price could push higher from there, however, we would much prefer to wait for a ‘safer’ buy signal down within the actual support range of 1306.00 – 1296.00. Stay tuned to our daily members trade setups commentary for ongoing Gold updates.
Oil – Crude Oil falls back down to support / value area
Last week, the Crude Oil market made a significant pull back to the downside as those who bought near the top of the latest swing higher were forced to sell. The overall uptrend is still intact, however, and so we are still interested in buying this market. We had been looking for a buy signal on a pull back and whilst we have gotten the pull back finally, there is still no obvious price action entry signal as prices approach the support zone at 59 – 55.75. We will be waiting and watching for a convincing buy signal within that zone this week to consider getting long, patience is the key here.
S&P500 – Another volatile week in the S&P500
What a huge week in the S&P500, again. The recent sell-off intensified last week as price took a dramatic ride lower. However, price found strong support down near 2530.00 as we can see from the powerful bullish tailed reversal bar last Tuesday and then the bullish pin bar reversal on Friday. This week, traders can consider longs whilst above 2530.00 on any price weakness, but be aware that volatility is high. We will remain bullish / potential buyers whilst price is above or within 2530 – 2488, but a move below 2488 would be bearish and buyers would want to avoid long positions if that level fails to support price. Check our members daily commentary for on-going updates on the S&P500 and other stock indices.
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