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EURUSD – Euro/dollar reverses at key resistance but uptrend intact
The EURUSD moved higher last week as price rebounded following a decline to 1.2200 area the previous week. Notice the false break of key resistance up near 1.2520 that occurred last Friday, this weakness could continue this week as this is a formidable resistance level having given rise to a pin bar reversal a few weeks back. However, the uptrend is still intact and so we are continuing to view any downward pullbacks as potential buying opportunities near support. We will look to be a buyer at or near 1.2200 near-term support or possibly the 21 day ema (blue level) following a clear 4-hour or daily chart price action buy signal.
AUDUSD – Aussie/dollar pushes higher as price stays buoyant above support
In our recent commentaries, we had been looking to buy the AUDUSD on a pullback to support near 0.7750. We can see that a huge bullish reversal occurred mid-week last week as buyers came into the market just above 0.7750, pushing the market higher. Our view of looking to be a buyer on weakness remains. Whilst price is trading atop 0.7770 – 0.7750 we will look to buy this market on a pullback to that level or near it. Traders can consider a blind entry at that 0.7770 – 0.7750 zone or wait for a price action buy signal to enter long.
USDJPY – Dollar/yen bullish pin bar could push price higher temporarily
For the USDJPY it’s been a quick sell-off in recent weeks but price seems to have found some solid long-term support down near 105.50 (zoom out your charts to see it better) and has formed a bullish pin bar reversal there as of last Friday. Given that this pin bar formed at a long-term support level we could easily see price push higher from here so it is a potential long signal whilst keeping in mind price is in a downtrend on the daily chart so any up-moves may terminate at nearby resistance levels. As a result, we can look to potentially buy this pin bar, exiting longs near 108.00 and looking to rejoin the downtrend on bearish sell signal up near 108.27 resistance or the 21-day ema on a sell signal.
Gold – Gold surges higher after pin bar signal supports price
Gold surged higher last week after our February 12th commentary in which we discussed the bullish pin bar signal that had formed the previous week and that could lead to a push higher. We can see price made a powerful up-move from this pin bar mid-week last week, netting anyone who traded it a very nice profit. Price neared resistance up near 1360.00 on Friday, reversing intra-day to end lower and signaling that it may rotate lower this week. However, as we have been discussing in recent weeks, we remain bullish on this market and looking to buy it on pullbacks to support. Traders can watch for a rotation lower from here and keep an eye on 1306.00 support as well as the high of the aforementioned pin bar at that level as we could see a bounce from there. Watch for buy signals on weakness to get long near the previously mentioned areas. Check our members daily trade setups newsletter for Gold updates throughout this week.
S&P500 – S&P500 explodes higher after bullish pin bar reversal at support
The S&P500 exploded higher last week as volatile market conditions continued following the bullish long-tailed pin bar reversal buy signal that we discussed in last week’s commentary. We remain very bullish on this market whilst it is above the recent lows where price hammered-in support at 2530.00; this is likely to be a very strong support level in the coming days and weeks. Traders can watch for rotations lower followed by 4-hour or daily chart time frame price action buy signals to get long. We remain bullish above 2530.00 -2488.00 area
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