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EURUSD – Euro/dollar a potential sell from resistance on signal
The EURUSD rebounded modestly late last week after continuing its recent downtrend earlier in the week, bouncing up from support near 1.1820. The near-term trend is still clearly down, so this week we are looking to be sellers as the market retraces. Traders can look to get short from the range of resistance up between 1.2085 – 1.2160 this week, ideally on a price action confirmation entry signal on the 1-hour, 4-hour or daily chart time frame.
USDJPY – Dollar/yen runs into key resistance zone
After an impressive rally over the last month, the USDJPY has now run into a key resistance zone between 110.00 – 110.25 area that may cause price to rotate lower. Due to the strength of this long-term resistance, we are taking a bearish bias whilst price is contained near that area. Traders can watch for price action sell signals this week whilst under 110.25 to get short in anticipation of a move to the downside from resistance. Check our daily members trade setups newsletter this week for on-going USDJPY updates.
Gold – Gold bouncing from key support near $1300.00 again
Gold continues to be locked in a trading range between 1300 support and 1366 resistance. Last week, price showed some signs of bouncing up from that support area and we can watch for weakness into 1305 – 1300 to be a buyer. Ideally, we would get a price action signal on the 4-hour or daily chart time frame to buy near 1305.00 and target the highs of the range up near 1350 – 1366.
Crude Oil – Crude Oil rises higher after pin bar signal
Crude Oil moved higher again last week as the uptrend made new highs following a push up from a pin bar signal on Tuesday. Traders who have missed the boat on Crude thus far, can watch for rotations / weakness to be a buyer from support; buy the dips. Watch 66.60 – 65.50 this week as a strong buy-zone on a pullback and a 1-hour, 4-hour or daily chart price action buy signal.
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