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EURUSD – Euro/dollar bounces up from key support zone
The overall EURUSD trend remains bullish and as we have discussed in recent weeks, we are still looking to buy this market whilst it remains atop key support levels. Last week, price moved higher after reversing down near 1.1660 key support on October 6th, forming a bullish tailed bar that day which we discussed as a potential buy signal in last week’s weekly market outlook. This week, we will look to get long on any further pull backs whilst price remains above 1.1660, we would ideally see a price action confirmation signal near 1.1715 – 1.1660 before entering a new long position. Stay tuned to our daily members market commentary for on-going EURUSD updates.
GOLD – Gold surges higher as key support zone holds
Gold bulls (buyers) have returned with vengeance as price surged higher last week after holding firm at 1260.00 – 1276.00 key support zone the week before last. We have been calling Gold a long for several weeks now as it was retracing down towards the aforementioned key support zone. We remain very bullish on Gold this week given the technical picture. Traders can watch for further buying opportunities on any weakness this week whilst price is above 1276.00 on a price action buy signal or right at the level on a blind entry.
AUDUSD – Aussie/dollar resumes upward track after bouncing at key support level
The AUDUSD uptrend resumed last week as it looks like price has completed its recent retrace to the downside following a test of key support at 0.7755 and subsequent strong follow-through move higher. Price easily closed above the 0.7825 – 0.7755 support zone last week, which if you zoom out to the weekly chart, was a long-term key support / previous breakout area. We have been looking to buy from this support zone for weeks now in recent commentaries, so hopefully some of you got long last week. Traders not already long can watch for further pull backs to 0.7825 this week for intraday or daily chart buy signals to re-enter long.
GBPUSD – Sterling/dollar surges higher as price finds its footing after retrace
The GBPUSD looks to have found solid support down near 1.3025 as it made a strong push higher from that level last week. The overall trend is up, which is easier to see if you zoom out to the weekly chart, so we are looking to trade long, in-line with that track. Traders can look to buy this week on a 4 hour or daily chart buy signal at or just above 1.3025 near-term support. Also, note the large bullish pin bar from last Thursday, traders could look to get long on a 50% retrace of the pin bar as well.
SPI200 – Australian Stock Index surges higher from key support
The SPI200 Australian Stock Index exploded higher last week, providing anyone who bought down near 5630 a solid return; a trade idea we had suggested in our members commentary last week and in prior weeks. We remain bullish on this market and even more so now that price has reconnected back up through 5700 – 5800 key resistance. Traders can watch for weakness this week to get long and buy down near 5735.00 which is now support.
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