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EURUSD – Euro/dollar bears push prices lower from pin bar
The EURUSD continued losing ground last week after a pin bar signal formed on Monday, May 14th following our last weekly commentary in which we discussed looking to sell this market on strength. Hopefully, some of you caught this move lower last week from the pin bar, but if not, we retain a similar bias this week and can continue watching for sell signals. Price is in a downtrend after closing below 1.2160 key support (now resistance) a few weeks back so we are remaining bearish whilst that level continues to contain prices.
USDJPY – Dollar/yen bulls push price up through key resistance zone
Following our previous discussion of the USDJPY in which we were watching the key level near 110.00 – 110.25 for possible selling opportunities, price broke up through that level and closed above it last week. As a result, we are resuming our previous bullish bias and watching weakness for buy signals this week as the near-term trend is still bullish. Traders can watch that 110.25 – 110.00 support zone this week on pullbacks to get long on a price action buy signal.
Gold – Gold sells-off, closes below key support of trading range
Following a strong sell-off last Tuesday, Gold closed below a multi-month trading range that it had been contained within since January of this year, indicating that bears have won control at least temporarily. As a result of this shift in price action dynamics in Gold, we are now watching upside moves / strength for potential sell signals at resistance levels to get short, as we believe there’s potential for more downside in the coming days. Traders can watch the zone between 1300 – 1326 this week on strength for price action selling opportunities. Check our daily members market commentary for on-going Gold updates throughout the week.
Crude Oil – Oil continues higher as uptrend remains intact
Crude Oil continues to grind higher as the multi-month uptrend it has been in rolls on. We are watching for pullbacks / weakness to support levels this week once again, to be a buyer, in-line with the uptrend. Traders can watch the 21 day ema dynamic support (blue level) down to 65.50 – 67.00 support zone for buy signals this week on a pullback.
S&P500 – S&P500 consolidates after latest push higher
The S&P500 consolidated last week following its last push higher which was ignited by the bullish pin bar from May 3rd. Price has remained above and bounced from key support levels in recent weeks and so we are continuing to look to buy this market on any pullbacks to support with a buy signal. Traders can watch 2675 near-term support this week for price action buy signals, down to 2590; that is the area we are watching this week to get long.
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