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EURUSD – Euro/dollar continues selling-off
The EURUSD moved lower last week in-line with recent downward momentum. We have been discussing looking to sell this pair all week last week in the members commentaries. We could see price fall down and test 1.0500 key support still, but at this point, we would only sell on a retrace higher followed by a clear price action sell signal. Since this market is range bound we can watch for buy signals near 1.0500 key support as well.
AUDUSD – Aussie/dollar hits key support, where will it go next?
The AUDUSD has retraced all the way down to key support at 0.7500 and is resting right at that level. Note that last time around, the market bounced here and we called this support as a buy level, and history may repeat itself here. However, it’s too early to tell without a price action buy signal on the daily chart time frame. Depending on how price action unfolds at 0.7500, we may be looking at going long from 0.7500 or if price can close under 0.7500, we may be looking for sell signals. Check our members daily trade setups newsletter for updates on this pair.
Crude – Crude Oil surges higher, looking to buy on pull backs
Crude Oil shot higher last week as price easily sliced up through a key resistance zone near 49.80 – 51.20 recently and also broke up past the high of a bearish pin bar from last Wednesday. This signals bulls are clearly more in control right now and we can look for buy signals on pull backs to support at 49.80 – 50.70 support zone this week.
Gold – Gold remains bullish but a pull back may be brewing
Gold has undergone a very strong surge higher since it bounced at $1200.00 key support; a level we had been watching for buying opportunities as we discussed back in our February 14th commentary. Our views remain similar; we see support at $1220.00 – $1200.00 as a key buy zone and ‘line in the sand’ for buyers / bulls, so we will wait and look to buy on a pull back to that support zone, either on a price action buy signal or a blind entry. There was a large reversal on Friday which produced a bearish pin bar on the daily time frame, this may see prices pull back slightly this week and provide an opportunity to buy at value down near support.
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