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EURUSD – Euro/dollar climbs higher but key resistance looms
The EURUSD climbed higher last week after a small retrace lower early in the week, in-line with our discussion in our last weekly outlook. Price is now approaching key resistance up near 1.0800 – 1.0875 area, and we will watch that area closely for price action sell signals. However, if price were to close above 1.0875, we would no longer be looking to sell at that point. Also, more aggressive traders may consider looking to buy on a pull back near 1.0620, in-line with the current bullish surge.
AUDUSD – Aussie/dollar surges higher after pullback
The AUDUSD surged higher last Wednesday, in-line with the overall bullish trend as well as our recent commentaries in which we have discussed looking to buy from 0.7550 – 0.7500 support. Interestingly, but not surprisingly, this move higher was a good example of a trading technique I wrote about recently, called the Power of the Pull Back. We can continue to look to get long for those of you who missed this most recent move. Watch 0.7630 near-term support down to 0.7500 key support for price action buy signals on the 1 hr, 4hr or daily chart to be a buyer. Stay tuned to our members trade setups newsletter for further AUDUSD updates this week.
GBPUSD – Sterling/dollar surges higher, sitting at key resistance zone
The GBPUSD surged higher last week following the interest rate hike in the US, which had the opposite effect on the USD from what many expected (this is why we don’t trade the news). Price is now trading within key 1.2350 – 1.2400 resistance area and it will need to break above that to really have a chance at making any further significant gains. We will wait and see what develops and update you guys accordingly throughout the week in the members area.
Crude – Crude Oil sell-off may lead to more losses
Crude Oil stabilized last week following the big sell-off that took place two weeks ago. We retain our recent bearish bias on this chart and can look for sell signals from resistance following a retrace higher. We see key resistance up at the old support, near 50.70 – 51.20 and that is the ideal sell area for this week; look for sell signals there and check our daily trade setups newsletter for updates on Oil as the price action unfolds.
S&P500 – S&P500 uptrend remains intact
The S&P500 pushed slightly higher last week but price essentially just stalled. We are still bullish as the overall trend is still clearly up, but we are waiting for a clear price action buy signal to get long. Watch the 21 day ema and 2336.00 support area this week for buying opportunities if this market rotates lower.
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