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EURUSD – Euro/dollar setting up for pullback within uptrend
Last week in the EURUSD, price pushed higher again, in-line with our recent EURUSD analysis. However, price did form a bearish pin bar on Thursday, reversing at a key long-term resistance area up near 1.2540, visible on the weekly time frame. As a result, a rotation lower early this week is likely and we could see price fall to nearby support sitting much lower, between 1.2080 and 1.2160 area. We can look to be a buyer after such a pullback within the support region seen in the chart below or above if a firm price action confirmation signal forms. Look for price action buy signals on a pullback whilst prices remain above 1.2080 support.
GBPUSD – Sterling/dollar may rotate to support before pushing higher
Price surged higher last week in the GBPUSD and as with the EURUSD, this pair is approaching / in the midst of a key long-term resistance area, but we certainly could see more upside given the strength of the uptrend that’s under way and the resistance zone is quite large from about 1.4200 – 1.5000. We will watch for a pullback to get long near the 21 day ema (blue level) and 1.3940 – 1.3655 area. We will be looking for price action buy signals on a pullback whilst prices remain above the support zone seen below. Check our members daily trade setups newsletter for on-going GBPUSD updates this week.
AUDUSD – Aussie/dollar moves higher as bullish trend continues
With a strong up move last week and an equally strong close to the week, we are clearly still bullish on the AUDUSD as the overall uptrend is intact. However, price is sitting just below a long term key resistance near 0.8120 so ideally we’d like to see a pullback before looking to get long. Watch the 21 day ema as well as 0.7955 – 0.7800 and look for price action buy signals on a pull back whilst prices remain above that support / value zone.
Gold – Gold moves higher, then consolidates
Gold has been surging higher in recent weeks and that continued early last week as price broke up and out of last week’s small consolidation range. Price consolidated again late last week but the uptrend is still clearly intact here. As a result, we are looking to buy after a pullback this week, we would look to buy near 1325.00 near-term support to 1306.00 key support or the 21 day ema, on a 1hr 4hr or daily chart buy signal. Note, inside bar pattern from last week netted a 1:2 risk reward winner.
S&P500 – S&P500 Stock Index bullish trend continues
What a monster of an uptrend the S&P500 has been in lately. This market just keeps going and going like the Energizer Bunny. So, how do we catch a runaway trend like this one? The biggest thing to remember is that pullbacks are likely to be very minor in strong trends like this, so we are viewing any minor pullbacks as buying opportunities this week. Watch the 21 day ema and 2770-2830 short term support area for 1hr, 4hr or daily chart buy signals. Check members daily commentary for updates on potential S&P500 trade setups.
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