Note: We Use ‘New York Close Charts’ – Get Our Preferred Charts & Trading Platform Here
EURUSD – Euro/dollar falls lower after break through key support
As we have discussed in recent weeks, the EURUSD was in a trading range for the last few months, oscillating between support and resistance levels. However, last week, price continued to fall lower after breaking down through the key support of the range near 1.2150 the previous week as sellers remained in the driver’s seat. The downward continuation last week was in-line with the discussion in our last commentary in which we were looking to sell, however, there was no obvious sell signal last week so getting short may have been tough. Price hit support near 1.1915, the target level we discussed for shorts last week, and has now formed a bullish counter-trend fakey pattern. This pattern could lead to a break higher and a retrace back up to resistance (more aggressive play) where we would prefer to look to be sellers, in-line with the trend. Watch 1.2140 – 1.2250 for sell signals this week and be sure to check our members trade setups newsletter throughout the week for updates on potential EURUSD trades.
USDJPY – Pull back to support may be buying opportunity in dollar/yen
The USDJPY has been in a short-term uptrend since breaking up through 107.35 – 108.15 key resistance zone which has subsequently flipped to a key support zone. We are now watching this market to continue rotating lower, as it started to late last week, so we can watch for price action buy signals within that 108.15 – 107.35 zone to get long and trade in-line with the near-term uptrend. We retain our bullish bias whilst price is trading above 107.35 support.
AUDUSD – Aussie/dollar consolidates after hitting key support
The AUDUSD downtrend continued last week but price did slow its descent as it hit 0.7500 key support area and moved sideways into the week’s close. The trend is still intact and there’s plenty of bearish overhead pressure and resistance, so the path of least resistance is still downward. We will watch for strength this week, or an upside rally, to be a seller from resistance near 0.7650 to 0.7800 on a price action signal. Check our daily members market commentary throughout the week for updates on potential AUDUSD trades.
Oil – Crude Oil pops higher after push off near-term support
Crude Oil moved higher last week as the overall uptrend we have been discussing in recent months continued to make new highs. As with recent discussions, we will watch for pull backs to support to be a buyer this week. Traders can watch rotations back to 66.75 – 65.50 near-term support this week for buy signals, or lower. We remain bullish on this market and are watching closely for 4-hour or daily chart buy signals from support.
Gold – Gold hits key support zone, consolidates
Gold remains trapped in a large sideways trading range between 1360 resistance area and support near 1300. We are still looking to buy near the support of the range as the preceding trend was bullish. Price pulled back to the support of the range last week and has since consolidated near 1307. We will keep watching for a price action buy signal near current levels down to 1295 this week to get long.
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.