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EURUSD – Euro/dollar trading above key support zone
The EURUSD rotated lower late last week following a push higher in the first half of the week. Price bounced off of 1.2160 – 1.2200 key support zone the week before last as this market is oscillating in a large range between 1.2160 – 1.2200 support and resistance up near 1.2540. Traders can continue to look to buy weakness near the aforementioned support zone on a 4 hour or daily chart buy signal, targeting resistance levels overhead.
AUDUSD – Aussie/dollar pushes higher from support after pin bars
The AUDUSD pushed higher last week from the pin bar buy signal at 0.7750 which we discussed in our March 5th weekly commentary. We see the potential for price to continue higher this week and potentially test resistance at 0.7890 to 0.7990 area. Traders who are not already long from last week’s buy signal can watch for downward retraces / weakness this week to get long ideally on a 4-hour or daily chart buy signal whilst above 0.7750 – 0.7700 key support zone.
Gold – Gold forms another pin bar at key support zone, will it move higher?
As we have been discussing in recent commentaries, Gold has been buoyant and a potential buy at support near and just above 1300.00 key level. We can see that price pulled back last week to 1313.00 area and formed a small bullish pin bar there on Friday, indicating price may bounce higher from that support again this week. More conservative traders may elect to get long down closer to 1300.00 on a signal or a blind entry there. We remain bullish above 1300.00
Oil – Crude Oil continues bouncing at support zone
Crude Oil continues to bounce at 60.15 support area as we can see below. We have been looking to buy Oil at 58.00 – 60.00 area in our recent commentaries as the overall trend is still up, despite this period of sideways consolidating the market has been in over the last few weeks. We will again watch for buy signals this week on any weakness within 60.15 – 58.00 support zone.
S&P500 – S&P500 explodes higher from pin bar reversal signal
The S&P500 surged higher last week after price formed a bullish pin bar buy signal the previous Friday which was discussed in last week’s commentary. A very nice gain was possible for anyone who took this trade as price moved right up into our target area near 2790 resistance. Traders who missed this setup can wait for a pull back this week to get long down near 2680 – 2645 support zone on a price action confirmation signal.
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