Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here
EURUSD – Euro/dollar remains in trading range, above key support
The EURUSD moved sideways to slightly lower last week, within the trading range structure we have been discussing in recent commentaries. We remain bullish on this market as the overall trend is up and price is trading above key support levels still. Traders can watch for a pull back into 1.2200 – 1.2160 support area this week and look for price action buy signals there or slightly above to get long. However, failure at that support would open the door for larger decline into 1.1900 area and would temporarily nullify our bullish bias.
GBPUSD – Sterling/dollar buoyant above key support zone
The GBPUSD remains in an uptrend overall, but has been in a protracted downward retrace over the last month and a half. Price has shown resilience at 1.3710 over the last couple of weeks following a bullish pin bar signal there. We are still remaining buoyant on this market above the key support zone at 1.3710 – 1.3600. Traders can look for buy signals at or just above that zone on a pull back this week. Stay tuned to our daily members trade setups newsletter for ongoing GBPUSD trade updates.
Gold – Gold pulls back into key support zone, looking for buying opportunity.
Gold pulled back slightly last week, dipping its ‘toes’ into the support between 1313.00 and the key level at 1300.00. We remain bullish whilst above 1300.00 and will be watching closely this week for 4 hour or daily chart price action buy signals within this zone. However, a close under 1300.00 would temporarily nullify our bullish bias.
Oil – Crude Oil moves higher from key support zone
Crude Oil moved higher last week following a small pin bar at 60.15 support last Wednesday, a scenario that we were looking for in our March 12th crude oil discussion. We remain bullish above 60.15 – 58 key support zone as we have been in recent weeks. Watch any pull backs towards that zone for potential price action buying opportunities this week.
S&P500 – S&P500 rotates slightly lower after big push higher from pin bar
The S&P500 rotated down from resistance at 2790.00 area last week, following a strong move higher the previous week (ignited by the pin bar seen below and that we discussed in our March 5th commentary). We remain bullish on this market and will watch for a further pullback to get long. Traders can look to buy near 2680.00 – 2645.00 or just above on a clear price action buy signal this week.
Want More Trade Setups Ideas & Analysis? In the members’ daily trade setups newsletter, we discuss potential trade setups and provide detailed chart analysis on Currency Pairs, Commodities, Stock Indices and more. For more information click here.