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GBPUSD – Sterling/dollar forms pin bar buy signal
The GBPUSD has recently pulled back to a key support level near 1.3060 and we have been looking to buy near this level over the last two weeks. Notice, on the chart below, a bullish pin bar signal formed on Friday after price rotated modestly lower last week. We see this pin bar as a sign that price may resume its overall upward track this week, providing traders with a potential long entry into the uptrend. Traders can look to get long this week following Friday’s buy signal whilst price remains above 1.3060. Make sure to stay tuned to our members daily market commentary for on-going updates on the GBPUSD throughout the week.
EURUSD – Euro/dollar remains buoyant above key support zone
The EURUSD has basically been moving sideways in recent weeks, trading just above the key support zone at 1.1715 – 1.1660. Notice, that key support zone aligns with prior pin bar low support, indicating that it is indeed a strong level. The longer-term trend remains up in this market so we will continue to look for buy signals from or near support. Traders can look to get long on a buy signal whilst price is above 1.1660 this week.
GBPJPY – Sterling/yen pushes higher after pin bar signal at support
The GBPJPY is moving higher following a pull back to a key support zone at 148.50 – 147.50, leading to a pin bar buy signal which we discussed in our members daily trade setups newsletter back on October 12th. Price has since moved higher, in-line with the uptrend and those traders who missed the recent pin bar buy signal can look to re-enter long on weakness this week whilst price is above 147.50 support.
S&P500 – S&P500 bullish trend continues to see new highs
The S&P500 Index continues to hit new highs as the uptrend in this market rolls on. Last week, price surged higher on Friday following a nice pin bar signal on Thursday, which we discussed in our members’ area that day. This week, traders not already long can watch for pull backs in price for buying opportunities. We remain aggressively bullish this week whilst price is above the lows of last Thursday’s pin bar at 2540.00 and we will continue to look to buy on a 1 hour, 4 hour or daily chart price action signal on any weakness.
SPI200 – Australian stock index breaks out of trading range
The SPI200 Australian Stock Index is still looking very strong following a powerful break out from a trading range it was trapped within over recent months. Following this upside break out, we are looking to buy on any weakness, to enter long, in the direction of the bullish momentum. We had been recently calling for longs near 5730.00 and we will continue to look to be a buyer of this market from support levels, this week paying special attention to 5820.00 – 5780.00 as a primary buy-zone should price rotate lower.
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