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EURUSD – Euro/dollar continues to look weak
The EURUSD retraced to the upside last week within the context of the downtrend it has been in since breaking down through 1.2160 several weeks back. We are still looking to sell, in-line with this trend, as we discussed in our last few weekly commentaries. This week, traders should keep a close watch on the containment / resistance at 1.1820 area as a strong potential sell level. We can watch for price action sell signals really from the 21-day ema (blue level) up into the resistance zone between 1.1820 – 1.2000. We will monitor this market and alert members in the members trade setups commentary if we spot an entry this week.
USDJPY – Dollar/yen moves higher after pull back to buy-zone
The USDJPY popped higher last Friday after pulling back to the key support zone at 108.60 – 107.80 and forming multiple bullish tailed bars there mid-week last week. We discussed buying in that zone in our last May 28th weekly market commentary so hopefully some of you got long on the pull back. Traders who may have missed the boat last week can watch for temporary weakness this week whilst above 107.80 to be a buyer.
AUDUSD – Aussie/dollar contained under key resistance zone
For the AUDUSD bears, it all depends on 0.7646 – 0.7750 resistance zone this week. We should note that there has been some mildly bullish price action on the weekly chart with several tailed bars and this could see the market test higher into 0.7646 to 0.7750’s resistance this week. We would look to short / sell into that strength and expect price to roll over to 0.7200 to 0.7330 area to complete this downward leg.
Gold – Gold looking poised for more losses
Following a break and close below previous key support near 1300 area, Gold has shifted from a sideways trading range structure to a near-term downtrend, and we are looking to sell as a result, as we discussed last week too. We see resistance up between 1305 – 1325 area and price should struggle here in the short-term. We are looking to be a seller on strength this week on a 1 hour, 4 hour or daily chart sell signal. Prices could roll-over and re-test 1264 – 1236 in the days / weeks ahead if this current downward leg is sustained. Be sure to check our daily members trade setups newsletter for potential Gold sell signals this week.
Crude Oil – Crude Oil rotates back down into key support zone
Crude Oil initially bounced at the support we mentioned last week near 65.50, however, price is now back there again. We remain bullish if the support near 65.50 – 63.80 can hold this week. We would ideally like to see a buy signal on the 4-hour or daily chart in this support region this week and we will continue to monitor this market and update you guys in the members area if any obvious buy signals develop.
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